A Texas borrower receives a notice of default and intent to accelerate from her lender. She wants to stop the foreclosure by paying the overdue amounts. Under Texas law, can she cure the default and reinstate the loan?
Correct Answer
B) Yes, the borrower can typically cure the default by paying all past-due amounts plus fees and costs before the foreclosure sale date
Texas law generally allows borrowers to cure a default by paying all past-due amounts, plus applicable late fees and costs, before the foreclosure sale takes place. Many deeds of trust contain reinstatement provisions, and the borrower's right to cure can prevent the foreclosure sale from proceeding.
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