Archive

Go to:

December 2017
SMTWTFS
12
3456789
10111213141516
17181920212223
24252627282930
31
< Nov Jan >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

Rescission of Non-Judicial Foreclosure Sales Passes Texas House, Moving in Senate
Friday, May 15, 2015 6:50 AM

HB 2066 by Rep. René Oliveira (D-Brownsville) sets out a process for rescission of a non-judicial foreclosure sale. A rescission cannot take place more than 15 days after the date of the foreclosure sale. Reasons for rescission include unmet statutory requirements for the sale, the default was cured before the sale, and a condition of the sale made in writing was not met.

If the deed is not yet recorded, the sale may be rescinded by serving a written notice on the purchaser and each debtor. If the deed has already been recorded, notice must be given to purchaser and each debtor and a copy of the notice must be recorded with the county. Money must be returned no later than the 5th day after rescission to the purchaser and the excess to the mortgagee.

The bill passed the House by a vote of 142 to 0. It was voted from the Senate Business and Commerce Committee yesterday.

Contact Jeff Huffman, president, Texas Credit Union Association, at 469-385-6488 or jhuffman@txcua.coop for more information.