Legal Question in Real Estate Law in Texas
how to foreclose on property
We sold 10 ac to a company. They paid a fairly large down payment, and in a contract we allowed them to pay interest only payments till 03/31/09, when the entire amount was due to be paid in full.
They stopped paying 09/01/08. Also, didn't pay the '07 property taxes, as agreed.
A certified letter was sent, allowing 30 days to make up the 2 missing payments and also pay the tax. The 30 days will expire on 11/07/08.
We haven't received any money, so can we foreclose ourselves, and have the property taken out of their name and put back into ours, or is it best to hire an attorney to do this ? If we can do it ourselves, how do we go about doing it ?
1 Answer from Attorneys
Re: how to foreclose on property
You need to hire an attorney to foreclose, and find one who does foreclosures on a regular basis. The process is complicated and if you miss a notice or other requirement, it can be voided. It is important that all procudures are followed to the letter - it is not a do-it-yourself project.
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