What happens after a foreclosure sale?

Once a property has gone through a foreclosure sale, it will no longer belong to the original owner. The foreclosing lender or the highest bidder at the sale will become the new owner of the property. When a foreclosure sale in Texas is finalized, the foreclosing lender is legally required to file a report within five days of the sale’s completion. This report must include the date of the sale, the name of the property, the winning bid amount, and the name of the purchaser. Once the report is filed, the purchaser of the property is allowed to take possession of the property. However, if the original homeowner wishes to remain in the home, the purchaser must initiate an eviction process before taking possession. The purchaser is also liable for all remaining unpaid taxes and liens on the property. The new owner must pay each lienholder or the county in which the property is located the amount of its lien. If the new owner fails to pay these taxes or liens, the lienholders or the county can foreclose on the property. This process would start over again, leaving the original owner with the same result: losing the property.

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What happens after a foreclosure sale?

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