What is a foreclosure sale?

A foreclosure sale is a legal process in Texas that occurs when a borrower fails to make payments on their mortgage loan. The lender is then allowed to take back the property and sell it at a public auction in order to recoup the unpaid loan balance. The foreclosure process begins with the lender sending a notice of default to the borrower, informing them that they are in default of their loan. The borrower then has the opportunity to cure the default and keep their home, but if they fail to do so, the lender can initiate foreclosure proceedings. At the end of the foreclosure process, the lender will organize a public auction to sell the property. Anyone can participate in the auction, which is typically held at the county courthouse. At the auction, the highest bidder will be granted the deed to the property. The proceeds of the sale will be used to pay off the loan balance and any other fees or costs associated with the foreclosure. Foreclosure sales are an important part of Texas law since they help to protect lenders from borrowers who fail to make timely payments on their mortgage loans. While foreclosure can be an emotional experience for borrowers, it also ensures that lenders can get what is owed to them and that homeowners have a chance to remain in their homes if they are able to cure the default.

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What is a foreclosure sale?

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