Texas Insurance Code 3502.106 – Claim Against Residential Borrower
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 3502.106
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
A mortgage guaranty insurance policy may not contain a provision that allows subrogation rights or any other claim by the insurer against the borrower for a deficiency arising from a foreclosure sale of a single-family dwelling that is occupied by the borrower as the borrower’s principal residence.