Any lender who has worked on a foreclosure understands that a single mistake can be costly.
Notices must be delivered on time in the exact manner specified by statute, and the procedures for conducting the sale must be strictly followed. An innocent mistake can result in an invalid foreclosure sale, which is in nobody's interest. Dealing with the aftermath of such a sale is time consuming, expensive and nerve wracking for all parties involved.
Two new laws passed by the Texas Legislature this spring that are now in effect give lenders tools to avoid dealing with invalid foreclosure sales in certain circumstances.
- House Bill 2066 allows a lender to rescind a nonjudicial foreclosure within 60 days of the sale in certain cases.
- House Bill 2067 gives lenders the ability to unilaterally abandon acceleration and stop the statute of limitations from running.
To learn how these bills could affect your future foreclosures, click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
