Assessment on Foreclosure Laws

Many bills were submitted to the Legislation proposing considerable changes to our foreclosure laws and regulations. The 81st Legislation came to agreement on two bills that they saw noteworthy. One bill passed was House Bill 655. This bill amends Section 51.0075(f) of the Texas Property Code, which modifies the time frame for a payment after sale from “immediately” to “without delay”. This agreement allows a trustee to come to an agreement with the purchaser on the time for compensation. Additionally, it provides that the foreclosure bid price can be paid within a reasonable time frame that both the trustee and purchaser agree on, if the purchaser makes a request for additional time to deliver the purchase price. Trustees may come to accept and like this idea of flexibility in a foreclosure case, but the Legislation has not clearly defined their meaning of, “without delay”. Many predict that the heavy impact of this new bill passed may lead to disputes over the allotment of time allowed for a purchaser to pay the bid price. With this question posed, trustees may revert to the traditional process of suspending a foreclosure sale, which gives the option of paying the bid price 15 minutes prior to the close of their chosen three hour foreclosure sale time.

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