According to MySanAntonio.com, a new law could complicate public foreclosure sales in Texas at time when foreclosures sales are up and traditional home sales are down. These changes in House Bill 655 state that the purchase price at the foreclosure sale won’t be immediately due anymore. If the buyer needs additional time to fork up the purchase price then he or she can make an agreement with the trustee (the person conducting the foreclosure sale). However, for the moment, there aren’t laws governing the process which can create problems. Before the House Bill 655, trustees weren’t required to make decisions, there work consisted mainly of administrative duties. Rules were clear: Trustees weren’t to act without specific instructions from the lender. But with this new law, they’ll have to negotiate agreements and determine reasonableness, according to this article. Allegedly, it will become more problematic for lenders to give specific instructions to trustees about which bids to accept because they won’t know the specific agreements that will be asked by the purchasers. Before this new law, if a potential buyer wouldn’t win a bid, that didn’t give him or her a viable reason to take legal action against a trustee. But now, potential buyers can argue that that trustee unreasonably chose not to negotiate or that they negotiated in an unreasonable manner. Property owners can also argue that the trustee’s negotiations resulted in a lower selling price which in turn can result in fewer people wanting to act as trustees. Overall, this new foreclosure law, House Bill 655, leaves a lot of room for interpretation which will probably lead to a lot of lawsuits and the courts will have to clarify all these issues in the months to come.
Read the full “Foreclosures sales may face trouble” article.
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