Seller financing in Texas
Is anyone seller financing land in Texas? Do you experience much delinquency in payments? If someone stops paying do you foreclose or just let it go if it is a cheaper property? I’ve heard it is hard to collect\foreclose in Texas
Dale, it is probably hard to collect anywhere when there is a problem.
But, no, it is not hard to foreclose in Texas, provided your lien document (Deed of Trust) was done correctly.
Texas is a non-judicial foreclosure State, which means that you do not need to go to Court and get permission. The Trustee named in the Deed of Trust will just post the appropriate Notice of Foreclosure on the Public Bulletin Board at the Courthouse in the County where the property is located, wait the appropriate period of time, stand on the Courthouse steps on the stated date and sell the property.
There is a little more to do after that, but it is not difficult.
I hope this helps.
RamRodd Ramiro Rodriguez last edited by
Dale Stolman I am in Texas , fortunately I haven’t had to deal with this but it is clearly written in my agreement saying if in default after 60 days I will take the property back and do as I wish with it.