Wilson Law Group P.C.

Board Certified Texas Attorney

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Wilson Legal Group P.C.
16610 Dallas Parkway, Suite 1000
Dallas, Texas 75248
Telephone: 972-248-8080

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Practice Areas - Complex Litigation

Real Estate - Foreclosure

A foreclosure is a legal procedure whereby a party, who has loaned money protected by a mortgage or deed of trust on property, necessitates sale of the property to retrieve the money due, unpaid interest, and the cost of foreclosure when a debtor fails to make payment.  The lender can have a notice of default served on the debtor indicating the amount due and the amount required to repair the default after the payments on the account have become delinquent.  If the debtor fails to pay the required amount within a specific period of time, the lender will set a date of foreclosure, thereby making the property subject to public sale after the specified date.  Up until this date, the defaulting borrower may redeem the property by paying all required costs.  If the property is sold, the lender is paid the amount due out of the proceeds and the remainder of the amount obtained from the sale, if any, is issued to the borrower.

Various types of foreclosure exist, such as judicial foreclosure in which the lender may bring suit for the foreclosure against the defaulting borrower for failure to pay amount due and force a sale.  This type of foreclosure is often in deed of trust states when the amount due appears to be greater than the equity value of the real property, and the lender desires a deficiency judgment for the remaining amount due following the sale.  Another type of foreclosure is statutory foreclosure or foreclosure by power of sale, in which a foreclosure takes place by act of a power of sale clause in the mortgage.  Because the foreclosure must be completed in agreement with the statutory requirements governing such sales, there is no need for court action.