Section 51.016 of the Texas Property Code permits a mortgagee, trustee or substitute trustee to rescind a nonjudicial foreclosure of residential property. Grounds for the rescission are: (i) the statutory requirements for the sale were not satisfied; (ii) the default leading to the sale was cured before the sale; (iii) a receivership or dependent probate administration involving the property was pending at the time of the sale; (iv) a condition to the sale made available to the prospective bidders was not met; (v) the mortgage or mortgage service and the debtor agreed before the sale to cancel the sale based upon the debtor’s written agreement to cure the default; or (vi) at the time of the sale, the automatic stay of the sale was imposed in a bankruptcy case filed by a person of interest in the property was in effect. On or before the 15th calendar day after the date of the sale, the party rescinding the sale shall: serve a written notice of rescission that describes the reason for the rescission and file each notice for recording in the real property records of the county in which the property is located. This notice must be served by certified mail. Not later than the fifth calendar day after the date a foreclosure sale is rescinded under this section, the mortgagee shall return to the purchaser the amount of the bid paid by the purchaser for the property at the sale. Any excess proceeds shall be returned to the trustee. The statute sets limits on lender liability and bars commencement of civil actions challenging the effectiveness of the rescission after 30 days from the filing of the rescission notice. The rescission of the sale in accordance with this section restores the mortgagee and the debtor to their respective positions under any instrument relating to the foreclosed property that existed before the sale. Nothing, however, prohibits the rescission of a sale by agreement of the affected parties on other terms or a suit to rescind a sale not rescinded under this section.