Legal Question in Real Estate Law in Texas

foreclosure

I am 66 years old, semi-retired, self-employed, collecting social security. My adjusted gross income in 2007 was $4998. An investment property I have in Fort Bend County is going to foreclosure sale March 3rd. I had to evict the tenants for non payment of rent and because Texas is a no fault state I had no recourse against the tenant. I live in California in a reversed mortgage condo. Can the mortgage company located in Dallas come after me for the difference in the sale price and what I owe on the loan? Can they attach my money market and/ or savings account to extract payment? Does the ''no fault'' law work in my favor in this situation?


Asked on 2/16/09, 8:11 am

1 Answer from Attorneys
Terry A. Nelson Nelson & Lawless

Re: foreclosure

Refi lenders can obtain deficiency judgment and seek collection against all your assets. Fight it, settle it, but don't ignore it.

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Answered on 2/16/09, 1:36 pm


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