This document serves as the official warning that the lender intends to pursue legal action to recover the property if the debt is not resolved. During this time, you have the right to cure the default by paying the total amount owed, including past-due payments, fees, and costs.
Understanding Surplus Funds After a Texas Foreclosure Sale
If the property sells for less than the outstanding loan balance, the lender may seek a deficiency judgment against you for the remaining amount. The new owner or the lender will file an eviction suit, and you will receive a formal notice to vacate the property.
Right of Redemption and Deficiency Judgments Texas is a lien theory state, which means homeowners retain a right of redemption after the auction. In reality, the eviction process, known as "dispossess," often begins immediately after the sale.
Understanding Surplus Funds After a Texas Foreclosure Sale
This guide breaks down the complex legal process into clear, actionable information for homeowners. This sale is conducted by a court-appointed official, often a sheriff or trustee, and is advertised publicly in local newspapers and county records.
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