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michaelrhough · Joined: 22 Feb 2009 Posts: 1 1.00 Dollars($)

Friend has an apartment house in Texas going into foreclosure. Lender is attempting to take a vacation home owned by friend in Calif. in addition to foreclosure on apt. property. Does Texas have a single action law, and if so, does it apply to commercial properties?

jameshogg · Posted: Sun Feb 22, 2009 8:31 pm Post subject:

Hi michaelrhough,

As far as I know, if a lender forecloses a property and if the borrower cannot pay the deficient amount resulting from the sale of the property, then the lender will have the right to place liens on other properties. But I don't think the lender can take away the property of your friend situated in another state. You can consult an attorney and take his opinion regarding this issue.

Thanks

Guest

As far as I know, there are some states like California which follows single action law while others like Illinois do not. States which follows single action law, allow only one suit to collect the mortgage. Suppose if the lender forecloses the property, he'll not be able to sue the borrower for any other judgment or lien.

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What is Single Action Law?