Real Estate Law

Research and provide Texas statute (s ) on the foreclosure process

Texas foreclosure can either be judicial or non judicial (Texas Foreclosure Laws , 2009 . In Judicial , the foreclosure law states that a lawsuit has to be d for one to access a court to a foreclosure . The court will make judgments depending on the claims they receive in favor of the lender over the balance due on the borrower Hence the judge will the sheriff to auction the property to the highest bidder

In the Non Judicial as per the foreclosure Texas laws

, the lender would give a default written notice to the debtor . The borrower is given 20days to service the debt after which the debt will have to be declared due thus a sale notice would be given . The lender will give instructions to the trustee to continue with the process of foreclosure

What is the title and lien theory

Title theory states that the borrower has to give the legal title to the designated individual who has been specified by the lender but the borrower retains equitable title . Lien theory states that the mortgagor has to retain both the legal and equitable title pertaining to property and thus the mortgagor would use his property with loan being a lien against the property for him to secure the debt (Turnbull , 1996

What is the difference between the two theories

In title theory the mortgagee own the property until the mortgagor pays the debt however the mortgagee permits...