cadillaccab, Home Buyer in Dallas, TX

That property 4closed what's the statutory redemption period for Texas?

Asked by cadillaccab, Dallas, TX Mon May 20, 2013

Help the community by answering this question:


Only tax lien foreclosures and HOA lien foreclosures can be redeemed.
For homesteads there is a period 2 years unless a court evicts the occupants.
For investment properties the period is 6 months.

A mortgage foreclosure changes ownership immediately and without redemption. If the second mortgagee forecloses, for example, the owner is no longer in title.

If the owner continues to occupy the property after foreclosure, the new owner can evict them.

The second mortgagee must continue to make payments to the first mortgagee, but the first mortgagee can foreclose anyway, taking the property from the second mortgagee.
If the first mortgagee forecloses, the second mortgagee is just out of luck. The second lien no longer exists against the property.

Remember most mortgage notes contain language that the property serves as collateral, but the borrower is personally liable for the unpaid balance.
0 votes Thank Flag Link Fri May 24, 2013
No redemption period on mortgage liens that I know about.
Tax liens are 6months to 2years depending on if there is a homestead exemption or not.
0 votes Thank Flag Link Tue May 21, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
Depends whether you're talking about a tax lien foreclosure or mortgage lien foreclosure.
0 votes Thank Flag Link Mon May 20, 2013
You can Google search for additional info. Hopeful this article will assist you with any questions you have.

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0 votes Thank Flag Link Mon May 20, 2013
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