Redemption and Defficiency in Texas

Posted by Logo on June 28, 2005 at 13:35:31:

How long is the redemption period in Texas? Also, if the property doesn't sell at auction and goes to the bank what is the redemption process? Can the owner pay the catch up amount and keep the existing loan? Or in this case is the note accelerated and the loan no longer exists and the owners now have to go and get a new loan to redeem?

Also, what are the facts with regard to Texas and defficiency judgements? Can the lender just give the house away at auction and pursue the rest from the previous owner? What are ways to protect against?

Follow Ups:

• Re: Redemption and Defficiency in Texas - Bill H 01:43:44 06/29/05 (0)
• Re: Redemption and Defficiency in Texas - Nick(Colorado) 18:03:19 06/28/05 (0)

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: How long is the redemption period in Texas?  Also, if the property doesn't sell at auction and goes to the bank what is the redemption process?  Can the owner pay the catch up amount and keep the existing loan?  Or in this case is the note accelerated and the loan no longer exists and the owners now have to go and get a new loan to redeem?

: Also, what are the facts with regard to Texas and defficiency judgements?  Can the lender just give the house away at auction and pursue the rest from the previous owner?  What are ways to protect against?


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