Legal Question in Real Estate Law in Texas

rules of foreclosure?

My house recently went into foreclosure as of Aug 1, once foreclosure fell upon me,the finance company and I came to terms of a short sale, that would have the ability to close on aug 28th. the terms of the short sale were broke as soon as the appraisal came back @ 91,000. the original loan was 72,400 four years ago,

I had a cash buyer @ 77,500. which would of covered original loan amount and closing cost. but the finance company ened all terms of the short sale upon seeing the appraisal amount. is this legal procedures during a foreclosure? the finance company said the they would rather foreclose on me and try to sell the house for the larger amount, although I have had the house on the market since march, and I had to actually lower the price just to get a buyer. I just want to know can they really do that?????


Asked on 8/27/06, 12:02 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: rules of foreclosure?

Unfortunately they can do this. However, you do have a right of redemption for 2 years after the foreclosure on homestead property. The redemption fee is hefty and often does not make sense.

You still have time to put that sale together under different terms. If you would like to go over the specifics, I will gladly provide a free 30-minute consultation.

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Answered on 8/28/06, 9:49 am


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