Foreclose on an owner-financed property in Texas

I'm curious if any of you know the foreclosure process for Texas? I sold a house roughly 2 1/2 months via a wraparound mortgage. They have not paid in 37 days. I sent them a late notice, and then I sent a notice stating that they owe me the entire balance of the note or I will foreclose. I have my RE Attorney working on this but he is fairly new and is not well versed on foreclosure. I figured I would come to the experts.

So if you know, what is the process? What is my next step to get them out and get someone else in?

Edited: 06/26/2010 at 09:58AM

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

Moderator Pro

12,319 posts
15 awards
95 influence

Oct 07 '09, 07:15 AM

I think your next step is to find a lawyer who knows what they're doing. Foreclosure is not a DIY task. At least, not the first time.

Edited: 06/26/2010 at 09:58AM

Jon Holdman, Flying Phoenix LLC

Eddie Ziv

Real Estate Investor · Studio City, California

1,803 posts
9 awards
56 influence

Oct 07 '09, 07:46 AM

I'm with Jon on this one. Although I own properties in Texas, I'm not sure about the process although I hear that it is one of the fastest in the nation, but again, I'm not sure. Here is some reading material:
http://www.biggerpockets.com/foreclosurelaw/texas.html
also Google:
"foreclosing process in texas"

Edited: 06/26/2010 at 09:58AM by Moderator : modified link

Rich Weese

Real Estate Investor · sioux falls, South Dakota

Donor

4,619 posts
15 awards
79 influence

Oct 07 '09, 08:07 AM

Find a KNOWLEDGEABLE attorney. This isn't for general practitioners. I don't know where they come up with 60 days. Notice of default is posted and property is sold 21 days later. Every county in TX holds their sale the first tuesday of the month, holiday or not. It takes about 1 minute for each property. I've bought over 30 foreclosures in TX. It takes me longer to get a delinquent tenant removed , than to foreclose on an owner. Pretty sad. Rich.

Edited: 06/26/2010 at 09:58AM

Nick Kelly

Real Estate Investor · Flower Mound, Texas

45 posts
1 award
50 influence

Oct 07 '09, 08:23 AM

I would never try and do it myself but I want to know what the process is. I have a new attorney starting tomorrow morning.

Edited: 06/26/2010 at 09:58AM

Kyle King

Real Estate Investor · Dallas, Texas

149 posts
5 awards
50 influence

Oct 23 '09, 01:39 AM

Nick,

I'm in Dallas and can help.

One of RE business partners is a title attorney/lawyer and has done of 200+ private investor wraps.

If he can't help you, he will know who to call.

Contact me via email and we take if from there.

Kyle King
[EMAIL REMOVED]

Edited: 06/26/2010 at 10:12AM by Moderator

Nick Kelly

Real Estate Investor · Flower Mound, Texas

45 posts
1 award
50 influence

Oct 23 '09, 09:31 AM

Kyle,

I certainly appreciate the response. I now have a fantastic attorney that I am working with.

Edited: 06/26/2010 at 10:13AM

Mike Mitchell

Real Estate Investor · Lubbock, Texas

143 posts
1 award
50 influence

Oct 26 '09, 09:43 AM

Nick never got his question answered. Can anybody out there outline the basic procedure for Texas foreclosure?

Edited: 06/26/2010 at 10:15AM