Legal Question in Real Estate Law in Texas
realestate liens
we have a lien and want to move forward with a suit to foreclose. What happens once the suit is foreclosed? Does this just create an abstract of judgement. There is a mortgage in front of the lien and the property owner has no ability to pay. This is a commercial LLC owned property.
2 Answers from Attorneys
Re: realestate liens
Once the foreclosure sale is complete, the successful bidder negotiates with the occupant of the house to become the new owner's tenant or deliver 3-day notice to evict.
Re: realestate liens
Assuming the lien is valid, you can foreclose on the lien, and then take the property subject to the mortgage. If you force the sale of the property, the mortgage gets paid first, then liens in order. If there is any overage after the sale, it would go to the debtor. You can also sue the debtor and attempt to attach other assets.
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