I had an 80/20 on an investment property in Texas that foreclosed. The forclosure auction covered the 80 but none of the 20. What happens?

BEST ANSWER

FIRST ANSWER

When a Foreclosure occurs, the Bank wants to take Title to the property;
If there is an outstanding LIEN, there will be a "cloud" on the Title.
The Bank had to have done something about that; it will be more of a problem for the Bank that it will be for you. They will not be able to sell the house with that "cloud" on the Title.
You live in a state with Non-Recourse legislation; meaning that the Banks cannot come after you for the Deficiency.
So between the two things, you should be able to just sit tight and let things work themselves out.
Good luck and may God bless

A few minutes ago

Source: http://www.trulia.com/voices/Foreclosure/I_had_an_on_an_investment_property_in_Texas_that-344244

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