Legal Question in Real Estate Law in Texas

Foreslosure on Real Estate Note

In 2001 I sold a vacant lot for $12,500 in Corpus Christi,

TX and carried the note myself. The buyer made four (4)

payments on the note.

The Texas State Securites Commission has charged the buyers

with fraud for misleading a buyer about this vacant lot,

collecting more than $20,000 from him.

The buyer has been indicted by a Grand Jury in Corpus Christi, TX,

What are the procedures I need to take to foreclose on the

note and recover the vacant lot in my name.

Thanks.


Asked on 6/08/04, 12:13 pm

1 Answer from Attorneys
David Leon David L. Leon, P.C.

Re: Foreslosure on Real Estate Note

Step one - Hire a lawyer.

Step two - review the procedures set forth in the note. This should include various notices of default, acceleration and posting.

Step three - after complying with the note's and the property code's notice procedure, post the property for foreclosure

Step four - have your attorney conduct a foreclosure auction at the county courthouse. If you so choose, you can bid on the property. Overages may go to the buyer, depending on your situation.

Step five - file your sheriff's deed in the local county records.

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Answered on 6/08/04, 12:29 pm


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