Texas Estates Code 355.156 – Affidavit Required for Foreclosure
Terms Used In Texas Estates Code 355.156
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- lien: include :
(1) a deed of trust;
(2) a vendor's lien, a mechanic's, materialman's, or laborer's lien, an attachment or garnishment lien, and a federal or state tax lien;
(3) a chattel mortgage;
(4) a judgment; and
(5) a pledge by hypothecation. See Texas Estates Code 22.024 - Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Texas Government Code 311.005
An application by a claim holder under § 355.155(b)(3) to foreclose the claim holder’s mortgage, lien, or security interest on property securing a claim allowed, approved, and fixed under § 355.151(a)(2) must be supported by the claim holder’s affidavit that:
(1) describes the property or part of the property to be sold by foreclosure;
(2) describes the amounts of the claim holder’s outstanding debt;
(3) describes the maturities that have accrued on the debt according to the terms of the debt;
(4) describes any other debts secured by a mortgage, lien, or security interest against the property that are known by the claim holder;
(5) contains a statement that the claim holder has no knowledge of the existence of any debt secured by the property other than those described by the application; and
(6) requests permission for the claim holder to foreclose the claim holder’s mortgage, lien, or security interest.