This sale takes place the first Tuesday of each month rain or shine, wind or snow, or even Hurricane as we found out last year. Its the Notice of Accereration and Notice of Trustee's Sale. Also, know in layman's terms as the Foreclosure Sale.
This month there were approximately one hundred Notices of Trustee Sale filed at the Jefferson County Clerk's office. That's about average for Jefferson County in Southeast Texas. At least it has been this year. As you might expect you'll see some addresses in Port Arthur. But it may come as a surprise to see a few addresses that you wouldn't expect.
Now, foreclosure is not a process to make light of. It is bad for the homeowner. It is bad for the neighborhood and its bad for the lender who has not been repaid on the mortgage note. Its not just a problem in the entry level housing market either.
Would it surprise you to learn a Notice of Trustee Sale has been filed for a home in Barrington Heights? How about a home on Salem Circle in Dowlen West? What about another home in Dowlen West on Shakespeare Drive?
All three addresses can be found by searching the most recent Notice of Trustee Sale records filed with the county clerk. Here's what it doesn't mean. These homes may or may not be sold at auction tomorrow. The grantor and mortgagee have probably been working very hard to work out an acceptable payment plan that will keep the home owner in the home.
Of the one hundred or so homes that have had a notice of trustee sale filed and are scheduled to be sold at the auction tomorrow, probably less than 1/4 of those will actually be sold. At least that seems to be the norm. Often the only bidder willing to buy the home at the auction is the mortgage holder (the bank or lender). Buyer's have to pay cash at the auction which knocks out a lot of interested would be buyers. Especially for the more expensive homes.
If you are curious about the foreclosure auctions, attending an auction is a good place to start. Tomorrow, at the most Northerly door to the newest addition to the Jefferson County Courthouse there will be a sale. Sale starts at 1pm or within three hours thereafter. Bring a chair and snacks and be prepared to wait. You might be surprised by what you learn.