Foreclosure in TEXAS. Need Help!!!

I’m Trying to buy a comercial property in Texas. The property got a NOS (Notice of Sale) by Sept 05, so I need to act fast. The owner told me to pay all the payments behind which is around $7,500 and assume his loan. My questions are the followings:

  1. If he got an NOS, Can I stop the foreclosure by paying and bring the loan current?
  2. Can the lender still foreclose the property even if I’ve paid the behind payments?
    3)If the lender doesn’t want me to assume the loan, do I have a time frame to get a new loan?

I really apreciate all information you can provide me.

Get the information from the seller, and call the lender direct…

I’ve already did, the problem is that it is like a private lender and they don’t know anything about it. I want to make sure that if I pay the $7,500 the can not foreclosure the property even if they want to. I mean I want to make sure I’m legally protected or at least the money that I’m going to put and they can not foreclose the property no matter what

Have you seen the notice of sale?
If the owner was late on his/her payments, wouldn’t you think the lender would be aware of this???
This sounds like a scam by the owner to this point. :bs
Please do not pay the owner any monies… :flush

The property was listed on the MLS, my Realtor was dealing with his realtor. We got the offer accepted; However, they say you need to close escrow in less than 20 days (which was imposible for me) because the property is on foreclosure. So, that’s why we talk to the lender and effectevly the property is on foreclosure. The only problem is that the lender doens’t know if a pay the money they can stop the foreclosure. Because the sale is going to be sept 5. My question is if there is a legal instrument that I can use not to put in risk my money and assume his loan.

Where did you get the 7500K from? They are foreclosing on this loan, so someone has got to be servicing this loan. You need to find out who it is.

When you do, they will provide you/owner with a Pay-off demand report. This document will have all monies owed up until a certain date in the future – in this case up until the sale date most likely. Not withstanding any other loans/liens – Pay this amount in full and the loan will be current.

Note: Redemption periods differ from state to state.

I’ve already talked to the lender and they told me if I bring the loan current the can stop the foreclosure