Legal Question in Real Estate Law in Texas
real estate foreclosure
We have a valid mechaanics lien for $19,000. on a commercial property
valued over $2,000,000.00 with a
mortgage. What happens when we
foreclose and their are no bidders
at the foreclosure sale or the amount bid does ot cover the mortgage and lien amount ?
Asked on 7/30/08, 8:19 am
3 Answers from Attorneys
Cheryl Rivera Smith
The Smith Law Firm
Re: real estate foreclosure
Foreclosing lender buys on a credit bid. If the lien is inferior it will be wiped out. If superior it stays attached.
Answered on 7/30/08, 2:52 pm
Cheryl Rivera Smith
The Smith Law Firm
Re: real estate foreclosure
Foreclosing lender buys on a credit bid. If the lien is inferior it will be wiped out. If superior it stays attached.
Answered on 7/30/08, 2:54 pm
Cheryl Rivera Smith
The Smith Law Firm
Re: real estate foreclosure
Foreclosing lender buys on a credit bid. If the lien is inferior it will be wiped out. If superior it stays attached.
Answered on 7/30/08, 2:54 pm
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