Lester v. 1st American Bk Bryan Tx

OPINION

THOMAS, Chief Justice.

Section 51.003 of the Texas Property Code provides that the defendant in a suit for a deficiency judgment following a non-judicial foreclosure can request the court to determine whether the property’s fair market value at the date of foreclosure exceeded its sales price at the foreclosure sale. Tex.Prop. Code Ann. § 51.003(b) (Vernon Supp.1993). If the court determines that its fair market value exceeded what it sold for, then the difference between the two amounts is offset against the deficiency. Id. § 51.003(c). Jack Lester, Jr. relied on section 51.003 when he…