| Foreclosure and Trust
What is the name of your state? Texas
What is the name of your state? Texas
I thank anyone and everyone in advance that can shed light on my dilemma. I am an L O in Austin, Texas and an individual contacted me about a refinance on a property that is currently "in foreclosure proceedings." The property is in a "mess" because the original owners are both deceased with no heirs and an individual is the trustee. The individual is both the Grantor and the Trustee of a Trust that has the said property. The said property was free and clear until 4 years ago when the individual (trustee and grantor) took out a Texas home Equity loan. The individual paid faithfully up until 1 year ago when he was hospitalized. There has not been a payment to lender in exactly 1 year. Due to the circumstances the said property is now in legal proceedings for Foreclosure by the Mortgage Servicer.The individual just received a Citation from the State of Texas with Cause # in regards to being sued and the lender wishing to reclaim/foreclose and auction property.
Now to my questions:
1. How much time does the individual have until the property is the lenders property?
the individual is CONVINCED he has 30 days.
2. Can the individual sell the property to me at this point? Contingent on a clear title-
3. Do I have to purchse the property in cash? I would prefer to finance the property with a conventional loan.
4. If I can purchase the property, do we (the seller and me the buyer) do a standard real estate contract with a standard closing? Or does he sign the deed to me and I satisfy the outstanding and delinquent balance? Which option is better?
5. At this point, what are the indivuduals options to prevent foreclosure, if any? basically to stall and buy any time at all-
Thank you for your time, consideration, and attention to this query.  | 
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