InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Next step . . . foreclosure. Posted by Ward-CA- on November 29, 2001 at 8:22 AM In Reply to: Re: Next step . . . foreclosure. posted by Craig on November 29, 2001 at 4:18 AM : : Craig, to regain title to property you have sold, you would have to get the present owners to deed it back to you or you would have to foreclose against the trust deeds and hope no other bidder at the subsequent trustee?s sale bids the properties up higher than you want to go. =?=?=?=?=?=?=?=?=?=?= : Just a couple more questions, if I could: : (1) Do I need an attorney (in Texas) to file forclosure against my debtors? : (2) Exactly how is the Trustee involved? and can he get a commission for any services performed during Forclosure (my Deed of Trust mentions 5%)?? : (3) Once the Forclosure Sale is published, isnt it imperative that I place a bid that at least covers my debt and the property tax debt lest anyone underbid that total (or am I misunderstanding how this is done)? : (4) If I win the bid, is it just as simple as me paying the tax authority its past due amount, then the property is mine once again?? =?=?=?=?=?=?=?=?=?=?= Craig, your state of Texas is a trust deed state. Thus foreclosures in your state are nonjudicial, meaning that you don?t go through any court process to foreclose against your delinquent trust deeds. So no court pleadings and thus no expensive attorneys involved. 1). Nope, you do not need an attorney. What you need to do is contact the Trustee that?s mentioned in your trust deed. That entity will do your foreclosure for you. If you want to shop around and substitute in a different trustee that?s all right and commonly done. 2). It is the involvement of the trustee that makes it possible to have a nonjudicial foreclosure process. The trustee is given two powers by the homeowner when they sign the trust deed. One of them is the Power of Sale and the other is the Power of Reconveyance. The trustee?s fee that?s charged for exercising their power of sale is recoverable because it will be added to and make up part of the opening bid at the trustee?s sale. 3). The opening bid will be the total of everything owed to the beneficiary including the unpaid principal amount, the total amount of interest due, the agreed upon late charges, the trustee?s fee and expenses and any other expenses expended by the beneficiary. 4). If you are going to bid at the foreclosure sale of your trust deed you will have to have all the cash necessary to cover the amount you bid that?s in excess of your opening bid. Your bid will have to be the highest bid in order for you to become the owner of the auctioned off property. As the highest bidder, the trustee will issue you its Trustee?s Deed, transferring the title of the property to you. Take your Trustee?s Deed to the county recorder?s office and record it, and voila, you?re the owner of the property, subject to any delinquent property taxes. You?ll want to get some liability insurance coverage too. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Craig, to regain title to property you have sold, you would have to get the present owners to deed it back to you or you would have to foreclose against the trust deeds and hope no other bidder at the subsequent trustee?s sale bids the properties up higher than you want to go. : =?=?=?=?=?=?=?=?=?=?= : : Just a couple more questions, if I could: : : (1) Do I need an attorney (in Texas) to file forclosure against my debtors? : : (2) Exactly how is the Trustee involved? and can he get a commission for any services performed during Forclosure (my Deed of Trust mentions 5%)?? : : (3) Once the Forclosure Sale is published, isnt it imperative that I place a bid that at least covers my debt and the property tax debt lest anyone underbid that total (or am I misunderstanding how this is done)? : : (4) If I win the bid, is it just as simple as me paying the tax authority its past due amount, then the property is mine once again?? : =?=?=?=?=?=?=?=?=?=?= : Craig, your state of Texas is a trust deed state. Thus foreclosures in your state are nonjudicial, meaning that you don?t go through any court process to foreclose against your delinquent trust deeds. So no court pleadings and thus no expensive attorneys involved. : 1). Nope, you do not need an attorney. What you need to do is contact the Trustee that?s mentioned in your trust deed. That entity will do your foreclosure for you. If you want to shop around and substitute in a different trustee that?s all right and commonly done. : 2). It is the involvement of the trustee that makes it possible to have a nonjudicial foreclosure process. The trustee is given two powers by the homeowner when they sign the trust deed. One of them is the Power of Sale and the other is the Power of Reconveyance. The trustee?s fee that?s charged for exercising their power of sale is recoverable because it will be added to and make up part of the opening bid at the trustee?s sale. : 3). The opening bid will be the total of everything owed to the beneficiary including the unpaid principal amount, the total amount of interest due, the agreed upon late charges, the trustee?s fee and expenses and any other expenses expended by the beneficiary. : 4). If you are going to bid at the foreclosure sale of your trust deed you will have to have all the cash necessary to cover the amount you bid that?s in excess of your opening bid. Your bid will have to be the highest bid in order for you to become the owner of the auctioned off property. : As the highest bidder, the trustee will issue you its Trustee?s Deed, transferring the title of the property to you. Take your Trustee?s Deed to the county recorder?s office and record it, and voila, you?re the owner of the property, subject to any delinquent property taxes. You?ll want to get some liability insurance coverage too. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455