A Texas deed of trust loan goes into default. The lender sends a proper notice of intent to accelerate on March 1, giving the borrower 20 days to cure. The borrower does not cure. The lender then sends the notice of foreclosure sale. Under Texas Property Code, when is the earliest the foreclosure sale can occur?
Correct Answer
A) The first Tuesday of the month that falls at least 21 days after the notice of sale is sent
After the cure period expires, the lender sends the notice of foreclosure sale. Under Texas Property Code §51.002, the sale cannot occur until at least 21 days after the notice of sale is sent by certified mail. The sale must also fall on the first Tuesday of a month. Therefore, the earliest sale date is the first Tuesday of the month that is at least 21 days after the notice of sale is mailed.
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An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
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