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Unformatted text preview: Dr. Eriksen DIFFERENCES ACROSS STATES Main Difference Judicial Foreclosure (e.g., Kansas and Florida) Sale through Court Administered Public Auction Power of Sale (e.g., Texas & Georgia) Sale conducted by Lender Usually Called "Deed of Trust" States Other Differences Rights of Redemption Equitable: Right to Cure Default before Foreclosure Statutory: Recover Property After Foreclosure Deficiency Judgments Court Ordered Against Borrower for Losses `Usually' limited as Borrowers have few assets FORECLOSURE IN TEXAS Home Loans Secured by Deed of Trust 3 Party Holds Property Deed until Loan Repaid Loans Are Non Recourse (Lender Can't Sue for Loss) Equitable by Not Statutory Rights to Redemption Three Step Process after Default Notice of Default / Demand Letter by Lender Notice of Sale Filed After 20 Days of Demand Letter Auction by Lender on Courthouse Steps (1 Tuesday) More Details @ KeepMyTexasHome.org FORECLOSURE ALTERNATIVES Forbearance & Pr...
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- Fall '08