LegalFix

Real property

foreclosure

Foreclosure is the legal process effected through the court system in which a mortgagee (lender—often a bank) terminates a mortgagor’s (borrower’s) interest in the real property in which the mortgagor gave the mortgagee a security interest (a lien) as collateral for the loan used to purchase the property.

Foreclosure generally occurs when a homeowner defaults and fails to make mortgage payments as required by the loan agreement (promissory note).

Foreclosure allows the lender to seize the property, remove the homeowner, and sell the home—all of which are legal remedies the mortgagor and mortgagee agreed to in the mortgage contract.



State Statutes for the State of Texas

CHAPTER 51 - PROVISIONS GENERALLY APPLICABLE TO LIENS

(a) If the price at which real property is sold at a foreclosure sale under Section 51.002 is less than property as of the date of the foreclosure sale. property as of the date of the foreclosure sale. (4) a motion or suit to determine the fair market value of the real property as of the date of the foreclosure (a) This section applies only to a nonjudicial foreclosure sale of residential real property conducted

CHAPTER 66 - SALE OF PROPERTY SUBJECT TO OIL OR GAS LEASE

oil or gas lease has not terminated or expired on its own terms and was executed and recorded in the real property records of the county before the foreclosure sale.

CHAPTER 62 - SEQUESTRATION

(2) the suit is for title or possession of real property or for foreclosure or enforcement of a mortgage or lien on real property and a reasonable conclusion may be drawn that there is immediate danger that

CHAPTER 271 - RIGHTS OF PARTIES TO CHOOSE LAW APPLICABLE TO CERTAIN TRANSACTIONS

(3) the method for foreclosure of a lien on real property; (4) the nature of an interest in real property that results from foreclosure; or

CHAPTER 21 - REGULATION OF CERTAIN RESIDENTIAL FORECLOSURE CONSULTING SERVICES

(4) "Residence in foreclosure" means residential real property consisting of not more than four single-family for purposes of securing payment of compensation, acquire an interest, directly or indirectly, in the real or personal property of the homeowner of a residence in foreclosure with whom the foreclosure consultant

CHAPTER 16 - LIMITATIONS

(a) A person must bring suit for the recovery of real property under a real property lien or the foreclosure of a real property lien not later than four years after the day the cause of action accrues.

CHAPTER 12 - RECORDING OF INSTRUMENTS

INSTRUMENTS CONCERNING REAL PROPERTY SUBJECT TO A FORECLOSURE SALE. An instrument issued by the United States that redeems or evidences redemption of real property from a judicial sale or from a nonjudicial sale under foreclosure of a lien, mortgage, or deed of trust may

CHAPTER 379E - URBAN LAND BANK PROGRAM

body of a municipality may adopt an urban land bank program in which the officer charged with selling real property ordered sold pursuant to foreclosure of a tax lien may sell certain eligible real property

Federal Statutes

§ 1748h–3. Payments in lieu of taxes; limitations; exemption from taxation

If the Secretary has acquired or hereafter acquires title in fee to real property by foreclosure or by

§ 1639a. Duty of servicers of residential mortgages

plan, including to the extent that the Secretary of the Treasury determines appropriate, a loan sale, real property disposition, trial modification, pre-foreclosure sale, and deed in lieu of foreclosure, that

§ 1985. Security servicing

to the borrower-owner, and the Indian tribe that has jurisdiction over the reservation in which the real property is located, from foreclosure or liquidation of the real property, including written notice (vi) (I) Except as provided in subclause (II), at a foreclosure sale of real property described in clause

§ 3708. Service of notice of default and foreclosure sale

copy of the notice of default and foreclosure sale shall be posted in a prominent place at or on the real property to be sold at least seven days prior to the foreclosure sale, and entry upon the premises for

§ 514. Unrelated debt-financed income

(iii) Property to which subparagraph appliesProperty is described in this clause if such property is foreclosure property, or is real property which— (I) was acquired by the qualified organization from (v) Foreclosure property For purposes of this subparagraph, the term “foreclosure property” means any real property acquired by the financial institution as the result of having bid on such property at

§ 856. Definition of real estate investment trust

(1) Foreclosure property defined For purposes of this part, the term “foreclosure property” means any (2) Grace period Except as provided in paragraph (3), property shall cease to be foreclosure property (5) Taxpayer must make election Property shall be treated as foreclosure property for purposes of this (A) Acquisition at expiration of lease The term “foreclosure property” shall include any qualified health care property acquired by a real estate investment trust as the result of the termination of a lease

§ 857. Taxation of real estate investment trusts and their beneficiaries

(A) Imposition of tax A tax is hereby imposed for each taxable year on the net income from foreclosure property of every real estate investment trust.