What do we do now? What happend to sencond lenders? What is the texas law?
The bank scheduled our house for public auction sale aug. 4th. The bank posponed the public auction w/o telling us or didn't send us any notice that they postponed the Public action sale. We cancelled the utility, water, gas etc. in the house. What do we do now? Whos is responsible? Second quetion is we have two lenders primary and junior.What happend to the second lender if your house has been forclosed by the primary lender. Does the junior lender can go after you? What is the texas law? Please advice.
You probably need to speak to an attorney.
I'm not sure they have to send you a notice of postpone after they sent you the first notice.
You are likely responsible for utilities.
1st lienholder can wipe out the second if they foreclose. Junior lenders can come after you if the loan is personal or if they deem it fradulent, such as stated income that wasn't accurate. I don't think they normally come after you in Texas, they just put it on your credit report.
Is the house up for sale by you? You can try to sell or short sell if you have too. Better that it doesn't go to foreclosure if at all possible. If they postponed you have about another month or perhaps more to try to sell it.
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