What is my best next action if I found online that my house has a Notice Of Substitute Trustee Sale?

Asked by els132, Allen, TX Wed Feb 20, 2013

I'm at default with mortgage but have not received any notice of foreclosure.

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T.E. & Naima Sumner’s answer
T.E. & Naima…, Agent, Dallas, TX
Sat Feb 23, 2013
I'm afraid the Notice of ... Trustee Sale is the notice of foreclosure.

Previously, usually 30-45 before that notice, you received a Notice of Default. That was the warning shot to fix the problem (pay up). This last Notice of Trustee Sale gives you the date when the foreclosure auction will occur. In Texas this date is uniformly the first Tuesday of each month.

So, in your case the foreclosure auction will probably occur Tuesday a week on 3/5/2013. The notice contains a time window during that day and will occur outside the county courthouse in McKinney.

You have about a week to bring the mortgage current or work something else out before the foreclosure auction.
After next Friday, it will be hard to do anything with the bank, and only a stay under Chapter 7 or 13 can stop it.
In the meantime get in touch with your bank to try to work something out and delay the foreclosure. While there is a list of possibilities last month, this month you're down to a handful of legal alternatives.

Good luck. There isn't anything a Realtor can do inside 6 business days.
0 votes
Melissa Hail…, Agent, Plano, TX
Thu Feb 21, 2013
Based on the information you provided above, I would suggest you look into selling your home as a "pre-foreclosure" or "short sale". This type of sale must be approved by your lender, and they will require a hardship letter from you as well as your financial information (copies of bank statements, paycheck stubs, etc). Once your home is listed and all financial information and lender forms are completed, these items are submitted to your bank for review/approval. Usually this will delay the foreclosure sale to give you time to get the home sold.

You should hire an experienced Realtor, one who has sold homes through this short sale process, as it is more complicated and time consuming than a normal real estate sale.

If you are not already working with another agent, I would be happy to meet you and help you get your home listed for sale and assist you through the process.

Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors

0 votes
Katie LaQuey, Agent, Plano, TX
Wed Feb 20, 2013
I am a Certified Distressed Property Expert and I have helped many people just like you.

Here are most of your options with a brief explanation. If you'd like to talk about all of your options in more detail, call me or send me an email.

Homeowner requests the total amount owed to bring mortgage payments current and pays it.

2.Re-payment plan
Homeowner negotiates with the mortgage company to allow them to repay back payments over a period of time.

3.Sell the Property
Homeowner with sufficient equity lists their property with a qualified agent that understands the
foreclosure process in their area.

4.Rent the Property
Homeowner with a mortgage payment low enough that market rent will allow it to be paid
converts their property to a rental.

5.Loan Modification
Homeowner negotiates with lender to modify the interest on the loan, the principal balance, or any
combination of these, resulting in a lower payment.

6.Home Affordable Foreclosure Alternatives Program (HAFA)
Homeowner qualifies for HAFA and is offered pre-approved short sale terms and cash incentives for relocation assistance.

7.Short Refi
Homeowner negotiates with lender to refinance a mortgage for less than what is owed on the property.

8.Deed-in-Lieu of Foreclosure
Homeowner returns the property to the lender rather than go through the foreclosure process.

9.Deed for Lease
Homeowner returns the property that is FHA-insured back to the lender and leases the property for a twelve month period.

Homeowner with significant equity in his/her property and good credit standing refinances their mortgage.

Homeowner with significant non-mortgage debt who is unable to pay these debts or his/her mortgage
payment files for bankruptcy which liquidates assets and/or reorganizes debt to pay back creditors.

12.Servicemembers Civil Relief Act (SCRA 303)
A member of the military who is experiencing financial distress due to deployment (and can prove
entered into debt before employment) qualifies for temporary relief under this act.

13.Homeowners Assistance Program
A member of the military or federal employee qualifies for this program which has a variety of assistance programs including private sales, government purchase, and/or foreclosure assistance.

14.Short Sale
Homeowner has a financial hardship and qualifies for a sales transaction where the lender is willing to accept the payoff of a mortgage for less than what is owed.

Please feel free to call me.

Katie LaQuey
Realtor, CDPE, SFR
RE/MAX Dallas Suburbs
(469)231-2264 direct
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Feb 20, 2013
You need contact your lender . When is the sale date? You would want to move out of your home PRIOR to foreclosure on your credit report IT COULD cost you triple deposit or more lease a home.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer

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0 votes
Christopher…, Agent, The Colony, TX
Wed Feb 20, 2013
My office is in Allen and I'll be happy to stop by tomorrow to discuss selling the home. You don't want a foreclosure to haunt you and since homes are selling quickly, we can get it sold for you very quick.
If a short-sale is the only option, we work with a group of attorneys that can process the paperwork within a few days and negotiate with the bank on your behalf...and all of this costs you nothing.

Email me at chris@ohliggroup.com or text me at 972-800-7844 and I can let you know when I can stop by to evaluate the situation.

Look forward to hearing from you!

Web Reference:  http://www.theohliggroup.com
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Bruce Lynn, Agent, Coppell, TX
Wed Feb 20, 2013
Let's get it listed and see if we can sell it before you get a foreclosure.

Prices are up and we may be able to sell it.

We may also have to go the short sale route, that means a sale with some forgiveness of the loan from the bank. In most cases this will be better for you than a foreclosure.

You may also want to start looking for a place to move.

We need to get working on this yesterday though, so we don't have a lot of time to spare. The foreclosure can happen pretty quick or it could be another six months or a year, we just don't know.
While not proper and perhaps not legal we have seen foreclosures happen where the owner did not get notice of the sale.
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