Texas Government Code 2304.077 – Acquisition of Property to Protect Loan
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Terms Used In Texas Government Code 2304.077
- 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
The department may acquire title to any project by foreclosure if necessary to protect a housing rehabilitation loan made for the project by the department and to pay the costs arising from the foreclosure.