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Texas Foreclosures, Bank Owned real estate and Homes and mortgage Foreclosure Auction Listings in the state of Texas.
FORECLOSURES
Texas bank foreclosures and bank owned homes, real estate auctions and information. Texas has a population of about 21,000,000 residents. Bank owed real estate listings can be found in most regions of the state, including the capital city of Austin, and other major cities including Houston, Dallas, San Antonio, El Paso, Fort Worth, Arlington, Corpus Christi, Plano and Garland. There would naturally be a correlation between the number of properties in an area, and the number of foreclosure in the Texas real estate market. Texas does everything big. Because homes prices in Texas had not increased as much as many other places in the country, and because of healthy job growth numbers, Texas should cope with the real estate shakeout better than most states. But due to it's size, population and number of homeowners, there will certainly be continued forclosures and bank owned properties coming onto the Texas real estate market.
Texas has been one of the country's top home foreclosure markets during the last several years. Texas is averaging one foreclosure for every 547 households making it the state with the 6th highest foreclosure rate. As of August 06, the median price of a home in Texas increased from a year earlier by 4.8 percent to $145,900. For bank owned listings, mortgage auctions and activity in the Texas region, use the links below on Mass Bank Owned.
TEXAS REAL ESTATE FORECLOSURES & BANK OWNED HOMES AND PROPERTIES
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Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property.

When the process is complete, it is said that the lender has foreclosed its mortgage or lien. There are unique legal factors to consider when buying bank owned property foreclosures, so be sure to consult with legal council prior to entering into agreements to purchase.

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Foreclosure and bank owned homes & mortgage auction info
Foreclosure Terms you should be familiar with:
Acceleration Clause - The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant.

Appreciation - The difference between the increased value of the property and the original value.

Bankruptcy - An action filed in a federal bankruptcy court that allows a creditor to reorganize or discharge credit obligations due to insolvency. A property owner may halt foreclosure action by filing bankruptcy. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.

Contingency - A specified condition that must be fulfilled before a contract becomes firm and binding.

Deed in lieu of foreclosure - A process whereby the owner, with the approval of the lender, deeds the property to the lender to avoid foreclosure. Lenders are generally reluctant to accept a "deed in lieu" unless the title is free and clear of any other encumbrances junior to theirs and the owners execute an estoppel affidavit acknowledging that they are acting volitionally, with informed consent.

Due Diligence - Such a measure of prudence, activity, or assiduity, as is properly to be expected from a reasonable and prudent man under the particular circumstance.

Equity Right of Redemption - The right to avoid foreclosure action by paying off the debts, interest, and fees that have accumulated on the property.

Fair Market Value - The amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.

Foreclosure - A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title in the mortgaged property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale, free of all encumbrances affecting the property subsequent to the mortgage.

Hypothecate - When you use something as security and still retain possession of it.

Instrument  - A legal written document.

Judicial Foreclosure - A foreclosure process which is executed via a court action.

B Junior lien - A lien that is subordinate or junior to a senior lien.

Lis pendens - A term meaning "legal action pending" that gives notice of an action or proceeding affecting the title of the property.

Mechanic's lien - A claim created by state statutes for the purpose of securing priority of payment of the price or value of work performed and materials furnished in erecting or repairing a building or other structure, and as such, attaches to the land as well as buildings and improvements erected thereon.

Mortgage - An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt.

Mortgagee - The entity, usually a bank or financial institution, who lends money to a borrower.

Mortgagor - The person who borrows the money from a lender to purchase a property.

Notice of Default (NOD) - A notice that is sent out by the lender when a mortgage payment is late in an attempt to cure or make the loan current.

Notice of Rescission - A legal document used when the defaulting party has cured or corrected the default.

Power of Sale - A clause commonly inserted in mortgages and deeds of trust that are in default, giving the mortgagee (or trustee) the right and power to advertise and sell the mortgaged property at public auction to satisfy the debt.

Pre-Foreclosure - Term used to discuss delinquent properties before they go to the foreclosure auction.

Quit Claim Deed - A deed of conveyance that releases any title, interest, or claim, which the grantor may have in the premises.

Real Estate Owned (REO) - Property acquired back by the lender after it has gone to auction.

Redemption Period - The time allotted to the mortgagor to reclaim his/her property after it has been sold at an auction. Not all states have a redemption period.

Second Mortgage - A second loan placed upon a property in addition to an existing first loan.

Sheriff's Sale - The sale of a property to satisfy a debt or judgment.

By FontainesdDomains.com, a Fontaine Real Estate Company. To advertise: 508-394-1604 - Bob@fontainesDomains.com