Texas Property Code

§ 51.016 — RESCISSION OF NONJUDICIAL FORECLOSURE SALES

PR § 51.016Title 5. EXEMPT PROPERTY AND LIENS · Part B. LIENS · Ch. 51. PROVISIONS GENERALLY APPLICABLE TO LIENS

Statute text

(a)This section applies only to a nonjudicial foreclosure sale of residential real property conducted under Section 51.002. In this subsection, "residential real property" means:

(1)a single family home, duplex, triplex, or quadraplex; or

(2)a unit in a multiunit residential structure in which title to an individual unit is transferred to the owner of the unit under a condominium or cooperative system.

(b)Not later than the 15th calendar day after the date of a foreclosure sale, a mortgagee, trustee, or substitute trustee may rescind the sale under this section if:

(1)the statutory requirements for the sale were not satisfied;

(2)the default leading to the sale was cured before the sale;

…

Legislative history

Added by Acts 2015, 84th Leg., R.S., Ch. 551 (H.B. 2066), Sec. 1, eff. September 1, 2015.