What happens when a Texas judge declares foreclosure?
Judicial foreclosures in Texas are administered by the court of the county to which the foreclosure property is located. Once a Texas judge declares foreclosure on a property, the lender has the right to sell the property to recoup the loss caused by the borrower’s default.Notice of SaleA notice of sale will be issued after the judge’s foreclosure order. According to Charles J. Jacobus, the author of “Texas Real Estate,” the notice must be posted on the courthouse door at least 21 days prior to the sale.SaleOn the scheduled day and time of the foreclosure sale, an auction will be held at the courthouse door or at an approved nearby location. The property will go to the lender if there is no winning bidder.DeficiencyTexas foreclosure law permits the lender to seek deficiency judgment after the foreclosure sale. A deficiency judgment requires the borrower to pay the difference between the foreclosure sale amount and the pre-foreclosure debt.Anti-DeficiencyAccording to Jacobus, the borrow
