584), Sec. Texas Real Estate Deed Forms. JUDICIAL FORECLOSURE--DEFICIENCY. Jan. 1, 2004. The priority of such deed of trust shall not be affected or impaired by the deed in lieu of foreclosure. Aug. 28, 1995. The clerk shall receive a fee of $2 for each notice filed. 1.1K. v. Alvarado, 5 F 3d 1425]5 F.3d 1425]. 827, Sec. Acts 2005, 79th Leg., Ch. The priority of such deed of trust shall not be affected or impaired by the deed in lieu of foreclosure. (A) “Security Instrument” It is different from a promissory note or a real estate lien note, which is a promise to pay a sum of money to a lender; and a deed of trust, which provides a lender with remedies, including foreclosure, if a borrower defaults on a note. (3) contains a statement in all capital letters, boldface type, to read as follows: THIS INSTRUMENT APPOINTS THE SUBSTITUTE TRUSTEE(S) IDENTIFIED TO SELL THE PROPERTY DESCRIBED IN THE SECURITY INSTRUMENT IDENTIFIED IN THIS NOTICE OF SALE THE PERSON SIGNING THIS NOTICE IS THE ATTORNEY OR AUTHORIZED AGENT OF THE MORTGAGEE OR MORTGAGE SERVICER. (b) A trustee or substitute trustee is not a debt collector. State laws generally require a valid deed or some other written instrument to legally transfer title to real property. (3) "Mortgage servicer" means the last person to whom a mortgagor has been instructed by the current mortgagee to send payments for the debt secured by a security instrument. 576, Sec. Acts 2005, 79th Leg., Ch. Real property or interest in real property in Texas is conveyed according to the rules in Sec. September 1, 2017. (4) a motion or suit to determine the fair market value of the real property as of the date of the foreclosure sale has not been filed under Section 51.003 or 51.004. (a-1) If the first Tuesday of a month occurs on January 1 or July 4, a public sale under Subsection (a) must be held between 10 a.m. and 4 p.m. on the first Wednesday of the month. Section 516, as that section existed on January 1, 2009. (2) the property is protected from seizure and sale and a suit may not be filed to collect a delinquent tax on the property as provided by Section 33.02(d), Tax Code. Sec. (A) a member of the armed forces of the United States; (B) a member of the Texas National Guard or the National Guard of another state serving on active duty under an order of the president of the United States; or. Read this complete Texas Property Code Â§ 51.006. (4) "Person" has the meaning assigned by Section 311.005, Government Code. A trust consisting of personal property, however, is enforceable if created by: A deed of trust is similar to a mortgage, but a deed of trust grants legal title to the trustee while the property owner retains equitable title to the property. 4, eff. Using Limitation Statutes for Fun and Profit - 11 zDeed of Trust Liens: Federal Beneficiary as Payee --Deed of Trust lien does NOT become barred by passage of time, iei.e. Deed of Trust. Acts 2013, 83rd Leg., R.S., Ch. In Texas, when a homeowner finances the purchase of property, a deed of trust is typically used to secure the loan. 642 (H.B. The suit must be brought not later than the 90th day after the date of the foreclosure sale or the date the guarantor receives actual notice of the foreclosure sale, whichever is later. 51.002. (e) If a holder accepts a deed in lieu of foreclosure, the holder may foreclose its deed of trust as provided in said deed of trust without electing to void the deed. September 1, 2005. (g) An affidavit executed and filed in accordance with Subsection (f) is prima facie evidence of the return of the bid amount and of the authority of the maker of the affidavit. (f) The purchase price in a sale held by a trustee or substitute trustee under this section is due and payable without delay on acceptance of the bid or within such reasonable time as may be agreed upon by the purchaser and the trustee or substitute trustee if the purchaser makes such request for additional time to deliver the purchase price. Oct. 2, 1984; Acts 1987, 70th Leg., ch. Competent evidence of value may include: Sec. Notwithstanding any other law, the court may not order specific performance of the sale as a remedy for the purchaser. 992 (H.B. (B) with respect to a member of the Texas National Guard or the National Guard of another state or a member of a reserve component of the armed forces of the United States, active duty under an order of the president of the United States. Sept. 1, 2001. 51.001. 51.0074. App.-El Paso 1928, no writ); Cont’l Oil Co. of Texas v. A trust in either real or personal property is enforceable only if there is written evidence of the trust's terms bearing the signature of the settlor or the settlor's authorized agent. Acts 2005, 79th Leg., Ch. 540, Sec. FindLaw Codes are provided courtesy of Thomson Reuters Westlaw, the industry-leading online legal research system. Acts 2017, 85th Leg., R.S., Ch. 101), Sec. (a) Notwithstanding any agreement to the contrary, a debtor is not in default under a deed of trust or other contract lien on real property used as the debtor's residence for the delinquent payment of ad valorem taxes if: (1) the debtor gave notice to the mortgage servicer of the intent to enter into an installment agreement with the taxing unit under Section 33.02, Tax Code, for the payment of the taxes at least 10 days before the date the debtor entered into the agreement; and. A sale must be held at an area designated under this subsection if the sale is held on or after the 90th day after the date the designation is recorded. 1235), Sec. (a) This section applies if: (1) the holder of a debt obtains a court judgment against a guarantor of the debt; (2) real property subject to a deed of trust or other contract lien securing the guaranteed debt is sold at a foreclosure sale under Section 51.002 or under a court judgment foreclosing the lien and ordering the sale; (3) the price at which the real property is sold is less than the unpaid balance of the indebtedness secured by the real property, resulting in a deficiency; and. 12, Sec. (c) On or before the 15th calendar day after the date of the sale, the party rescinding the sale shall: (1) serve a written notice of rescission that describes the reason for the rescission and includes recording information for any affected trustee's or substitute trustee's deed that was recorded on: (A) the purchaser, if the mortgagee is not the purchaser; and, (B) each debtor who, according to the records of the mortgage servicer of the debt, is obligated to pay the debt; and. proof of claim in bankruptcy will be deemed equivalent to the appointment of a receiver under Texas law. In this subsection, "residential real property" means: (1) a single family home, duplex, triplex, or quadraplex; or. Internet Explorer 11 is no longer supported. Generally, a foreclosure is proper as long as it complies with the procedure outlined in the deed of trust. DEFINITIONS. (j) This section does not prevent a waiver in writing by a surety, guarantor, endorser, accommodation maker, comaker, or other person, whether primarily or secondarily liable on an obligation, of the protections provided under Subsections (h) and (i). (a) Except as provided by Subsection (a-1), a sale of real property under a power of sale conferred by a deed of trust or other contract lien must be a public sale at auction held between 10 a.m. and 4 p.m. of the first Tuesday of a month. 101), Sec. If a waiver under this subsection is executed by an individual who after the execution of the waiver enters active duty military service, or by a dependent of an individual who after the execution of the waiver enters active duty military service, the waiver is not valid after the beginning of the period of the active duty military service unless the waiver was executed by the individual or dependent during the applicable period described by 50 U.S.C.
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