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Q: Foreclosure Law In Texas ( Answered,   0 Comments )
Question  
Subject: Foreclosure Law In Texas
Category: Business and Money > Finance
Asked by: tjb0000-ga
List Price: $10.00
Posted: 13 Jul 2005 13:49 PDT
Expires: 12 Aug 2005 13:49 PDT
Question ID: 543201
When there is money left from a forclosure sale or auction after the
debt, accrued interest, and other expense have been met, does the
borrower get the remainder?
Answer  
Subject: Re: Foreclosure Law In Texas
Answered By: wonko-ga on 13 Jul 2005 21:43 PDT
 
According to these sources, the answer is yes in most circumstances. 
There appears to be an exception, however.

"Likewise, if the foreclosure sale results in a surplus, the mortgagor
is usually entitled to seek payment from the mortgagee for the amount
of the surplus." CHRISTOPHER BEBEL, ESQ. PC (2005)
http://www.chrisbebel.com/CM/BankingandFinanceNews/e-newsletter.asp

"Previous owner gets the overbid."  By Mark, HighWired Internet
Innovations Inc(June 14, 2005)
http://www.all-foreclosure.com/forum/messages/17550.html

"13. If lender overbids. A lender who mistakenly overbids at
foreclosure sale may be able to secure equitable relief and avoid
having to make payment to an inferior lienholder or the mortgagor for
the excess under some circumstances. McClure v. Casann Claire
Apartments, Ltd., 560 S.W.2d 457 (Tex. Civ. App.--Beaumont 1977, no
writ)." Balcom Law Firm, P.C. (2005)
http://www.balcomlaw.com/publications/foreclosure_manual/46.htm#iih13

Search terms: foreclosure surplus Texas

Sincerely,

Wonko
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