If a borrower defaults on some provision of the Deed of Trust, such as not keeping the payments current, not paying the property taxes, or not keeping the property insured, the lender may elect to foreclose on the Deed of Trust. Under this system, the lender initiates foreclosure by filing a lawsuit against the borrower. If you have timeline contingencies for your purchase, for example the sale of your current home, a distressed property will be difficult if not impossible to buy. Pending Foreclosures – Tax lien foreclosure that may be redeemed without paying attorney fees.
Just like there are consequences for you, the foreclosure process is time-consuming and expensive for them. FORECLOSURE SALE PROCESS: Sales of real property are ‘open type’ auction sales (not sealed bids). You’ll find foreclosures in every price range – from starter houses to luxury mansions – and occasionally the property is in great condition, ready for you to make it your home.
The borrower then has only 30 days to respond with a payment in order to avoid foreclosure. The Monmouth County Sheriff’s Office makes great effort to provide accurate and complete information on this Foreclosure List. The search box above is already filtered to return only foreclosures and pre-foreclosure homes.
In the case where the remaining mortgage balance is higher than the actual home value, the foreclosing party is unlikely to attract auction bids at this price level. In Texas, whose population is growing at about 3 percent a year, people buying new homes are more and more likely to settle in places like Las Colinas, New Territory or Circle C Ranch than in urban Dallas, Houston or Austin.
Every effort has been made to provide clear and complete instructions for all phases of the process. You have to be present at the sale or to make an upset bid during the upset period(s) once the sale is held. In some situations, if your mortgage is owned by Fannie Mae, you may be able to lease your home after signing a Deed in Lieu of Foreclosure.