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.
Attorney’s Foreclosure Checklist
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Client: |
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Proposed Sale Date: |
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Matter: |
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Federal Tax Lien Deadline: |
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File No.: |
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Posting/Mailing Deadline: |
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Property Address: |
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Notice of Default Deadline: |
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Document Review |
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Initials |
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1. |
Lender’s statement of delinquent amounts |
____________ |
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2. |
Note |
____________ |
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3. |
Deed of trust |
____________ |
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4. |
Security agreement |
____________ |
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5. |
Guaranty |
____________ |
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6. |
Title policy |
____________ |
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7. |
Other: ________________________ |
____________ |
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Preforeclosure Document Preparation and Mailing |
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Date Mailed |
Return Receipt Rec’d |
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Maker |
Guarantors |
Maker |
Guarantors |
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1. |
Notice of default and intent to accelerate |
__________ |
__________ |
__________ |
__________ |
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a. |
Fair Debt Collection Act notice |
__________ |
__________ |
__________ |
__________ |
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b. |
Twenty-day cure opportunity |
__________ |
__________ |
__________ |
__________ |
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c. |
Any other notices required by investor, such as Fannie Mae, Freddie Mac, VA, or HUD |
__________ |
__________ |
__________ |
__________ |
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2. |
Notice of acceleration |
__________ |
__________ |
__________ |
__________ |
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3. |
Appointment of substitute trustee |
__________ |
__________ |
__________ |
__________ |
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4. |
Notice of foreclosure sale |
__________ |
__________ |
__________ |
__________ |
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5. |
Notice of UCC sale |
__________ |
__________ |
__________ |
__________ |
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6. |
IRS lien |
__________ |
__________ |
__________ |
__________ |
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7. |
DOJ lien |
__________ |
__________ |
__________ |
__________ |
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Preforeclosure Activity |
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Date Done |
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Comments |
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1. |
Record title examination |
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a. |
Transfers |
____________ |
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__________________________ |
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__________________________ |
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b. |
Encumbrances |
____________ |
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__________________________ |
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__________________________ |
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c. |
Federal tax lien |
____________ |
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__________________________ |
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__________________________ |
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d. |
State tax lien |
____________ |
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__________________________ |
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__________________________ |
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e. |
Property tax loan lien |
____________ |
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__________________________ |
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__________________________ |
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2. |
Order property tax search |
____________ |
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__________________________ |
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__________________________ |
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a. |
Copy to client |
____________ |
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__________________________ |
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__________________________ |
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b. |
Verify tax suit status & costs |
____________ |
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__________________________ |
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__________________________ |
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c. |
Advise lender to render property |
____________ |
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__________________________ |
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__________________________ |
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3. |
Confirm corporate status |
____________ |
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__________________________ |
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__________________________ |
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4. |
File appointment of substitute trustee |
____________ |
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__________________________ |
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__________________________ |
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5. |
Post/file notice of sale |
____________ |
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__________________________ |
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__________________________ |
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6. |
Mail federal tax notice |
____________ |
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__________________________ |
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__________________________ |
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7. |
UCC search with secretary of state |
____________ |
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__________________________ |
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__________________________ |
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8. |
Copy of UCC search with secretary of state sent to client |
____________ |
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__________________________ |
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__________________________ |
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9. |
UCC search with county |
____________ |
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__________________________ |
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__________________________ |
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10. |
Copy of UCC search with county sent to client |
____________ |
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__________________________ |
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__________________________ |
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11. |
UCC sale advertisement |
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a. |
Notice of sale to obligors |
____________ |
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__________________________ |
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__________________________ |
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b. |
Notice of sale to junior secured parties |
____________ |
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__________________________ |
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__________________________ |
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12. |
Appraisal |
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a. |
Employment letter |
____________ |
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__________________________ |
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__________________________ |
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b. |
Review |
____________ |
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__________________________ |
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__________________________ |
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13. |
Environmental audit |
____________ |
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__________________________ |
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__________________________ |
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Preforeclosure Document Preparation |
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Prepared |
Filed |
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1. |
Foreclosure sale transcript |
________________ |
________________ |
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2. |
Trustee’s deed |
________________ |
________________ |
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3. |
Posting/filing affidavit |
________________ |
________________ |
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4. |
UCC bill of sale |
________________ |
________________ |
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Foreclosure Activity |
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1. |
Bid instructions |
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a. |
Payoff calculation |
$ |
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b. |
Minimum/maximum bid range |
$ |
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2. |
Confirm sale authority with client (date and initial) |
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3. |
Confirm that buyer’s disclosure and receipt satisfies Tex. Bus. & Com. Code § 26.02 (date and initial) |
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Postforeclosure Activity |
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Date Done |
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Comments |
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1. |
Deed returned by recorder |
____________ |
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__________________________ |
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__________________________ |
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2. |
Project activities |
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a. |
Insurance |
____________ |
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__________________________ |
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__________________________ |
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b. |
Utilities |
____________ |
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__________________________ |
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__________________________ |
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c. |
Tenants |
____________ |
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__________________________ |
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__________________________ |
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(1) |
New leases |
____________ |
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__________________________ |
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__________________________ |
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(2) |
Deposits resolved |
____________ |
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__________________________ |
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__________________________ |
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d. |
Ad valorem tax rendered |
____________ |
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__________________________ |
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__________________________ |
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e. |
Management |
____________ |
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__________________________ |
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__________________________ |
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3. |
Title insurance, foreclosure documentation approved |
____________ |
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__________________________ |
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__________________________ |
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