Making Dallas Foreclosures Work For You

In November of 2006, according to the RealtyTrac™ U.S. Metropolitan Foreclosure Market Report, RealtyTrac™ U.S. Metropolitan Foreclosure Market Report the number Dallas foreclosures rose 67%, and the eight counties surrounding Dallas saw a new foreclosure for every two hundred and eighty-six households. That’s almost three and one-half times the US average.

Dallas foreclosures are now happening at rates not seen since the 1980s. Real estate experts are pointing their fingers at such culprits as steadily climbing interest rates wreaking havoc on adjustable rates mortgages, higher home energy and gasoline costs, burgeoning credit card debt, and questionable lending practices.

So Dallas became the number one city in the US in terms of its foreclosure rate. There are, in other words, plenty of Dallas foreclosures available for those in a position to take advantage of them.

But, because e very state follows rules for foreclosure properties a little differently, if you’re searching Dallas foreclosures to you need to know Texas law. Some states have judicial foreclosures, which go solely through the court system, while others have provisions for handling foreclosures out of state.

Texas laws, however, provide for both judicial and non-judicial foreclosures. Understanding the differences between the two kinds of Dallas foreclosures might save you some money.

Dallas Foreclosures
If a mortgage on a Dallas property contains a power of sale clause, the lender is entitled to sell that property should the borrower go into default on his or her payments. The property in default, in most cases, will be auctioned off at a place of the lender’s choosing. If you are interested in purchasing Dallas foreclosures, this process will save you time, as the sale is usually completed in less thirty days.

Foreclosures in the Courts
Even though a great many Dallas foreclosures still pass through the judicial system, the Texas judicial foreclosure process is a swift one. You’ll find the properties being offered at auction published for the three weeks in the Dallas newspaper.

What few delays there are associated with Dallas foreclosures processes; in fact, occur because of the necessity of letting the people inhabiting the property to have a chance to cure their default.

The Dallas Foreclosures Auction
All Dallas foreclosures auctions are held on the first Tuesday of the month, notwithstanding holidays, at the Dallas County Court House. Those brave enough to bid without investigating the properties in advance will be competing with other real estate investors, and in some cases, against the mortgage holders who want to ensure a minimum bid for the property.

One tremendous advantage to purchasing Dallas foreclosures over buying foreclosed properties in other states is that in Dallas you only buy the senior lien, which usually means the original mortgage, on the foreclosed realty. Some states require you to assume all the liens on a property.

Dallas foreclosures, for the most part, are otherwise similar to foreclosures around the US, and offer to those willing to do solid research and make a trip to the Court House on the first Tuesday of the month a chance to land some valuable real estate.

You can also find more information at Foreclosures Homes and Home Foreclosures. Foreclosureshomeguide.com is a comprehensive resource to get help about property Foreclosures.

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