Owner Finance Foreclosure

Owner Finance Foreclosure

Member since 2021 · 4 posts · 0 votes

So, I sold a Parcel in Dec. 2021 using Owner Financing . Title named The buyer as Grantor, Trustee as Myself and Lender as myself. I was told it was much easier to have me as trustee so if I ever need to foreclose I can accelerate the foreclosure. Texas is a non-judicial State and there is no need to go to court. I do however have to show that I have attempted to receive payment. 

So, Buyer missed 1st payment, there is a 5% fee for missing a payment. Buyer then misses 2nd payment, then misses third payment. I finally reach her to occur the payment by phone. She makes a payment for the first month, but is short. 

Mind you, I have sent out letters each month along with emails and calls making her aware of each payment missed. 

I called Title to speak with the attorney who wrote the contract as to how to foreclose. He lives in another city and told me to find a local attorney. I called around and not one person works with foreclosures unless their representing the debtor. 

I have googled ways for owners to foreclose and there isn't actual steps to foreclose.  
This was supposed to be the easiest route I was told by Title, but it has been confusing and draining.

Have any of you ever dealt with something like this or know which route and steps to take? Thank you in advance.

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Greg H.Pro Member
Moderator
Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
4y

The process in Texas is very straightforward and quick but as in all situations in life you don't know what you don't know.  I have done several foreclosures myself over the years but had to have my hand held the first time or 2.  If the property is in San Antonio you should be able to find a lawyer to handle the process for $1500-2000

Basically it is a 2 step process the first being a Notice of Intent to Accelerate followed by the actual posting of Foreclosure.  The time line can be less than 2 months 

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  • Greg H.Pro Member
    Moderator
    Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
    4y

    The process in Texas is very straightforward and quick but as in all situations in life you don't know what you don't know.  I have done several foreclosures myself over the years but had to have my hand held the first time or 2.  If the property is in San Antonio you should be able to find a lawyer to handle the process for $1500-2000

    Basically it is a 2 step process the first being a Notice of Intent to Accelerate followed by the actual posting of Foreclosure.  The time line can be less than 2 months 

  • Member since 2021 · 4 posts · 0 votes
    4y

    Thank you for responding. 

    I apologize, the property is in ROCKPORT TX, Near CORPUS CHRISTI TX. The Attorney that wrote up the contract does business in SA and Austin. Bigger Pockets doesn't have a (CORPUS CHRISTI LOCATION CHOICE).

    I have done everything I thought I had to do, send out letters for late payment, intent to foreclose, foreclose acceleration. 

    I was recently told to go down to the County Clerks office by another Title agency and take everything I have. I did that and they had no clue, they could not file it. 

    What documents, how do I write it up and present it to the County Clerks office to file?
    How do you post a foreclosure? 

    Thank you. 

  • Rental Property Investor · Member since 2021 · 29 posts · 34 votes
    4y

    @Joseph Hernandez

    Have you tried looking for a local attorney who deals with real estate transactions rather than asking about foreclosures? I don't know TX and my only experience with this (but it was the exact same situation) was in Upper Michigan. The town was so small that I believe I was dealing with the only attorney in town. He handled the land contract and the foreclosure and then he ran for judge and sold his practice. The second time I sold the property, the young guy who bought the practice handled that sale. I liked the first guy better, but the new guy got the job done. Good luck!

  • Realtor · Corpus Christi · Member since 2019 · 39 posts · 10 votes
    4y
    Quote from @Joseph Hernandez:

    Thank you for responding. 

    I apologize, the property is in ROCKPORT TX, Near CORPUS CHRISTI TX. The Attorney that wrote up the contract does business in SA and Austin. Bigger Pockets doesn't have a (CORPUS CHRISTI LOCATION CHOICE).

    I have done everything I thought I had to do, send out letters for late payment, intent to foreclose, foreclose acceleration. 

    I was recently told to go down to the County Clerks office by another Title agency and take everything I have. I did that and they had no clue, they could not file it. 

    What documents, how do I write it up and present it to the County Clerks office to file?
    How do you post a foreclosure? 

    Thank you. 

    Hey Joseph! I’m an agent in corpus actually! Do you live here?
    you have to send a certified notice of intent to accelerate and then same thing with an intent for foreclosure. I don’t mind seller finance deals but I don’t recommend them in cities like CC, the poverty rate here is way too high and I see this happen more often than not. I would try Buchanan Law, they are awesome. 

  • Greg H.Pro Member
    Moderator
    Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
    4y
    Quote from @Joseph Hernandez:

    Thank you for responding. 

    I apologize, the property is in ROCKPORT TX, Near CORPUS CHRISTI TX. The Attorney that wrote up the contract does business in SA and Austin. Bigger Pockets doesn't have a (CORPUS CHRISTI LOCATION CHOICE).

    I have done everything I thought I had to do, send out letters for late payment, intent to foreclose, foreclose acceleration. 

    I was recently told to go down to the County Clerks office by another Title agency and take everything I have. I did that and they had no clue, they could not file it. 

    What documents, how do I write it up and present it to the County Clerks office to file?
    How do you post a foreclosure? 

    Thank you. 


     While I still suggest you get an Attorney to handle it, they can provide you with the Notice of Trustee Sale and a scrip to read at the Auction as these do no vary by county

    You can also go to the  Aransas County Clerk's office website or any other Texas county for that matter  and print a Notice and tailor it to your property.  However there are a couple of steps needed and I suggest you get legal help to ensure it is done correctly

    On another note, I went to high school nearby in Gregory-Portland and back in the early 90's my mom was the School Superintendent in Rockport

  • Member since 2021 · 4 posts · 0 votes
    4y
    Quote from @Vanessa Ursery:
    Quote from @Joseph Hernandez:

    Thank you for responding. 

    I apologize, the property is in ROCKPORT TX, Near CORPUS CHRISTI TX. The Attorney that wrote up the contract does business in SA and Austin. Bigger Pockets doesn't have a (CORPUS CHRISTI LOCATION CHOICE).

    I have done everything I thought I had to do, send out letters for late payment, intent to foreclose, foreclose acceleration. 

    I was recently told to go down to the County Clerks office by another Title agency and take everything I have. I did that and they had no clue, they could not file it. 

    What documents, how do I write it up and present it to the County Clerks office to file?
    How do you post a foreclosure? 

    Thank you. 

    Hey Joseph! I’m an agent in corpus actually! Do you live here?
    you have to send a certified notice of intent to accelerate and then same thing with an intent for foreclosure. I don’t mind seller finance deals but I don’t recommend them in cities like CC, the poverty rate here is way too high and I see this happen more often than not. I would try Buchanan Law, they are awesome. 

    Hello, yes I do live in the area. I have sent certified notice to accelerate and intent to foreclose letters. 
    The biggest step now is, how do I file it with the County Clerks Office? 

    Yes, I don't think it's a great idea to sell Owner Finance. I was told it would be simple to foreclose, but that is not the case. 

    Trial and Error.

    I'll call Buchanan Law, are they out of Rockwall, Tx?

  • Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
    4y

    I would NOT try to do the foreclosure yourself. There are too many details that you dont know. Leave it to the attorney.

    GOOGLE is so simple: attorney foreclosure Corpus Christi 

    Call the attorneys that come up and ask them if they do foreclosures for the lender. You may need to make 50 calls, but how hard is it to make 50 calls and ask 1 or 2 questions.

    PS you dont record your notice to accelerate or intent to foreclose with the county clerk. Only the actual foreclosure notice. The county clerk will NOT answer legal questions. They are there to record documents, not give legal advice.

    I believe this all could have been avoided by doing it right from the beginning. This means you need to know what you are doing BEFORE doing it. Get some education. I commend you for wanting to get out there and doing it. You have done more than many people have dreamed of doing, which is SUPER DUPER AWESOME.

  • Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes
    4y

    Don't step over a dollar to save a dime. Keep calling attorney offices until you find one who can handle the foreclosure. O.F. is a great way to buy and sell estate...but you have to know what you're doing. Mishandling a foreclosure can set you up for a litigation. Google is your friend, it's not your attorney. 

  • Investor · Corpus Christi, TX · Member since 2021 · 2 posts · 0 votes
    2y

    @Joseph Hernandez - I may need to do a lender's foreclosure process in the Corpus Christi area. Can you tell me which attorney you hired and if it worked out well?

    Thanks

  • Investor · Corpus Christi, TX · Member since 2012 · 2k+ posts · 1k+ votes
    2y

    Title company doesn't represent you...nor does their counsel. You need to find an attorney who handles foreclosures as it must be done properly. Don't step over a dollar to save a dime...seek legal counsel to handle the foreclosure as you're not yet versed in this process and one mistake or a wrongful foreclosure can get you sued. 

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