Texas Government Code 2304.078 – Acquisition of Property to Enforce Lien
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Terms Used In Texas Government Code 2304.078
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
To enforce a lien under this chapter, the department may acquire housing by:
(1) foreclosure of a mortgage;
(2) a sale under a deed of trust; or
(3) a voluntary conveyance from a borrower in full or partial settlement of a housing rehabilitation loan.