Note: When preparing this form, the attorney should carefully review Tex. Prop. Code §§ 51.0001, 51.0025, and 51.0075 and Tex. Bus. & Com. Code §§ 3.203 and 3.301 to ensure any reference to a person accurately describes the role the person holds or performs in the context of a foreclosure proceeding, e.g., references to “noteholder,” “beneficiary,” “owner,” “lender,” “obligor of the debt,” “mortgagor,” “mortgagee,” or “mortgage servicer” as appropriate.
Notice of Foreclosure Sale
[Date]
[Exact title of deed of trust] (“Deed of Trust”):
Dated: [Date]
Grantor: [Name of grantor]
Trustee: [Name of trustee]
Lender: [Name of lender]
Recorded in: [Recording data] of the real property records of [county] County, Texas [include if applicable: , being in renewal and extension of [exact title of deed of trust] recorded in [recording data] of the real property records of [county] County, Texas]
Legal Description: [Legal description of property]
Secures: [Exact title of promissory note] (“Note”) in the original principal amount of $[amount], executed by [name of borrower] (“Borrower”) and payable to the order of Lender [include if applicable: and all other indebtedness of Borrower to Lender]
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Include the following if applicable. |
Modifications
and Renewals: [Describe most recent document(s) known to preparer, using exact title(s)] (as used herein, the terms “Note” and “Deed of Trust” mean the Note and Deed of Trust as so modified, renewed, and/or extended)
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And/Or |
[Original] Property: The real property, improvements, and personal property described in and mortgaged in the Deed of Trust, including the real property described in the attached Exhibit A, and all rights and appurtenances thereto
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And/Or |
Released Property: The real property described in the attached Exhibit B [which should include a description of any UCC collateral previously released by the filing of a UCC-3]
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And/Or |
Property: The Original Property, save and except the Released Property
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And/Or |
Assignment: The Note and the liens and security interests of the Deed of Trust were transferred and assigned to [name of beneficiary] (“Beneficiary”) by an instrument dated [date], recorded in [recording data] of the real property records of [county] County, Texas
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And/Or |
Guaranty: The Note [and all other indebtedness of Borrower to Lender] is guaranteed by a [exact title of guaranty] dated [date], and executed by [name of guarantor] in favor of Lender
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And/Or |
[Substitute] Trustee: [Name of (substitute) trustee]
[Substitute] Trustee’s Address: [Address]
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And/Or |
Mortgage Servicer: [Name of mortgage servicer]
Mortgage Servicer’s Address: [Address]
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Continue with the following. |
Foreclosure Sale:
Date: [Date]
Time: The sale of the Property will be held between the hours of 10:00 a.m. and 4:00 p.m. local time; the earliest time at which the Foreclosure Sale will begin is [specify earliest time] and not later than three hours thereafter.
Place: [Describe by street address, city, county, and any other relevant information as designated by the commissioners court for sales of property under Tex. Prop. Code § 51.002 in that county; if no area has been designated by the commissioners court, then designate by street address, city, county, and any other relevant information where the Foreclosure Sale is to take place]
Terms of Sale: The Foreclosure Sale will be conducted as a public auction and the Property will be sold to the highest bidder for cash, except that [Lender/Beneficiary]’s bid may be by credit against the indebtedness secured by the lien of the Deed of Trust.
Default has occurred in the payment of the Note and in the performance of the obligations of the Deed of Trust. Because of that default, [Lender/Beneficiary], the owner and holder of the Note, has requested [Substitute] Trustee to sell the Property.
The Deed of Trust may encumber both real and personal property. Formal notice is hereby given of [Lender/Beneficiary]’s election to proceed against and sell both the real property and any personal property described in the Deed of Trust in accordance with [Lender/Beneficiary]’s rights and remedies under the Deed of Trust and section 9.604(a) of the Texas Business and Commerce Code.
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Include the following if applicable. |
Mortgage Servicer is representing [Lender/Beneficiary] in connection with the loan evidenced by the Note and secured by the Deed of Trust under a servicing agreement with [Lender/Beneficiary]. The address of Mortgage Servicer is set forth above.
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Continue with the following. |
Therefore, notice is given that on and at the Date, Time, and Place for the Foreclosure Sale described above, [Substitute] Trustee will sell the Property in accordance with the Terms of Sale described above, the Deed of Trust, and applicable Texas law.
If [Lender/Beneficiary] passes the Foreclosure Sale, notice of the date of any rescheduled foreclosure sale will be reposted and refiled in accordance with the posting and filing requirements of the Deed of Trust and the Texas Property Code.
The Foreclosure Sale will be made expressly subject to any title matters set forth in the Deed of Trust, but prospective bidders are reminded that by law the Foreclosure Sale will necessarily be made subject to all prior matters of record affecting the Property, if any, to the extent that they remain in force and effect and have not been subordinated to the Deed of Trust. For the avoidance of doubt, the Foreclosure Sale will not cover any part of the Property that has been released of public record from the lien and/or security interest of the Deed of Trust by [Lender/Beneficiary]. Prospective bidders are strongly urged to examine the applicable property records to determine the nature and extent of such matters, if any.
Pursuant to section 51.009 of the Texas Property Code, the Property will be sold “AS IS,” without any expressed or implied warranties, except as to the warranties (if any) provided for under the Deed of Trust. Prospective bidders are advised to conduct an independent investigation of the nature and physical condition of the Property.
Pursuant to section 51.0075(a) of the Texas Property Code, [Substitute] Trustee reserves the right to set further reasonable conditions for conducting the Foreclosure Sale. Any such further conditions shall be announced before bidding is opened for the first sale of the day held by [Substitute] Trustee.
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As required by Tex. Prop. Code § 51.002(i), include language substantially similar to the following that is conspicuously printed in bold-faced or underlined type. |
Assert and protect your rights as a member of the armed forces of the United States. If you are or your spouse is serving on active military duty, including active military duty as a member of the Texas National Guard or the National Guard of another state or as a member of a reserve component of the armed forces of the United States, please send written notice of the active duty military service to the sender of this notice immediately.
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Include the following if appointing a substitute trustee in this notice. |
THIS INSTRUMENT APPOINTS THE SUBSTITUTE TRUSTEE(S) IDENTIFIED TO SELL THE PROPERTY DESCRIBED IN THE SECURITY INSTRUMENT IDENTIFIED IN THIS NOTICE OF SALE. THE PERSON SIGNING THIS NOTICE IS THE ATTORNEY OR AUTHORIZED AGENT OF THE MORTGAGEE OR MORTGAGE SERVICER.
[Name]
[Attorney/Authorized agent] for [mortgagee/mortgage servicer]
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Add signature for (substitute) trustee and acknowledgment, if desired. Attach exhibits. |