How much does it typically cost to foreclose on a property

[Charles Salim]

I have a property that I am owner financing.   I’m the lender on the property and was wondering how much the foreclose fees would be around as just a worst case scenario if I would have take the property back or how much you had to pay to foreclose on someone?  The property is in Texas

[Ron S.]

Originally posted by @Charles Salim:

I have a property that I am owner financing.   I’m the lender on the property and was wondering how much the foreclose fees would be around as just a worst case scenario if I would have take the property back or how much you had to pay to foreclose on someone?  The property is in Texas

Assuming its not a HELOC (Home equity loan, or Texas A6 transaction), Non judicial foreclosures in Texas start after the 120th day of delinquency and are pretty fast after that. once you hit day 120, send a 30 day breach letter, then file a notice of sale and go to sale no earlier than 21 days after that. When all is said and done, its six months start to finish from the day they quit paying to the day you foreclose, assuming you do everything right. Then you'll have to evict if they don't leave willingly.

All that said, not expensive when compared to judicial or quasi-judicial states. It's been a while since I've done a TX foreclosure but i'd wager a $100,000 home would be $1,500-$2,500 for title work, TSG, publication, trustee fees, recording, and so forth, depending on location and loan balance?

There is no "Break" the borrower may get in Texas on a monetary default foreclosure that is non judicial. No redemption.