FORECLOSURE ALERT

🔍 Ever wondered what happens if a property in Texas is sold at a foreclosure auction for more than the loan amount? Here's a quick breakdown! 🤓👇

1️⃣ **Foreclosure Sale**: If the sale amount exceeds the debts, costs, and interest due to the lender, the extra 💰 (surplus) goes back to the borrower. Yes, the lender gets paid off, but any profit beyond that must be returned to the borrower—not kept by the lender. This ensures fairness and prevents the lender from gaining unjustly! 💼📈

2️⃣ **Post-Foreclosure Sale**: What if the lender uses a "credit bid" and later sells the property for more than the debt? In this case, any profit from such a sale stays with the lender. The borrower's rights to surplus apply only at the auction, not subsequent sales. 🏠➡️💵

👉 It's crucial for both parties, borrowers and lenders, to understand their rights. Consulting with a legal professional can provide clarity on navigating these situations. 🧑‍⚖️📚