Foreclosure, spouse's purchase
Answers to real estate questions as appearing
in the Houston Chronicle
By george stephens, CRB, AND Charles J. "Chuck" Jacobus, JD
Dear George: My home is being foreclosed on. The house is appraised for more than what I owe. If I can sell it for this appraised price, can I keep the difference after everyone gets their due?
Answer: Assuming that the home has not yet been foreclosed on by the lender, if you sell the property for more than what's owed, you get to keep it. However, if the lender has foreclosed on the property, the person who was foreclosed on by the lender is not entitled to any excess proceeds.
Dear George: I suspect that my husband is trying to purchase a house without my knowledge. We are still married and share a home. Can he legally do this?
Answer: Yes.
E-mail your question to "Ask George & Chuck" or fax it to 281/596-7591. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
George Stephens, CRB, is the broker of ERA Stephens Properties. He is licensed as a mortgage broker in Texas and a real estate broker in Texas, Georgia, and Massachusetts.
Charles J. Jacobus, JD, is board certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law, and the author of Texas Real Estate Law and Texas Real Estate, both published by Thomson Publishing. He also teaches at Champions School of Real Estate and Houston Community College, and is an adjunct professor at the University of Houston Law Center.
George and Chuck are co-authors of Texas
Real Estate Brokerage and Law of Agency published by Thomson Publishing.
