In Texas, how long can a lender pursue a deficiency judgement after foreclosure?

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We lost our home in May 2012. We received a 1099-A and are listed as responsible for the debt. Is the FMV the amount that was received at the auction for our home? I am concerned that Wells Fargo or whom they sell the debt to, will try to obtain a judgement.

Attorney Answers

2
Jacob Stasny ·
The statute of limitations on a deficiency action expires two years from the date of the foreclosure sale. However, depending on what kind of loan it was that defaulted, the lender or its assignee may not be able to go after the deficiency at all. Review the terms of your deed of trust or other security instrument to determine whether the lien has conditions regarding deficiency.
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Becky Tran ·
2 years from the date of foreclosure. See Texas Property Code, Section 51.003(a).
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