Call Us At: 713-547-5460
When a loved one dies, it can be challenging to settle the details of their estate while you’re grieving. If a lien holder recently foreclosed on property owned by your loved one, it can make the entire process even more complex. As the beneficiary of their estate, you may be entitled to recover any excess funds from selling that property. But it’s important to understand your rights to ensure you don’t lose those assets.
If a property or asset owner in Texas has unpaid liens, such as a mortgage in default or a mechanic’s lien, the lien holder can sometimes force the sale of the property to satisfy those liens. This happens by petitioning the court or a trustee. The court or a trustee then orders the sale of the property after notice to the property owner and the public. Foreclosure sales are open to the public and typically happen at the county courthouse on a set day each month.
After the property sells, the original lienholder can only receive the amount of their lien on the property and the costs of the foreclosure and the sale. The amounts over that total are known as “excess funds.” The former property owner can typically receive those excess funds after petitioning the court or the trustee for the sale.
If the former owner is now deceased, the beneficiaries of their estate may be entitled to recover the excess funds. An attorney for the estate or its eligible heirs generally files a petition with the District Court in the county where the property was sold. The court then determines if and how to distribute the excess funds under Texas law.
In Texas, you have two years from the property sale date to recover excess funds. If the estate or its beneficiaries don’t petition the court or the trustee for those funds within two years, you can lose the ability to recover that money.
If you’re the beneficiary of a deceased property owner after a recent foreclosure, the estate may be entitled to receive any excess funds from that sale. But it’s important to understand your rights and the time limits involved. That’s why you need an experienced lawyer to ensure you and the deceased’s estate can recover the excess funds quickly and efficiently. The experienced attorneys at Manfred Law can help. Find out what they can do for you. Call Manfred Law at 713-547-5460 or contact us online to take the next step forward.
Mr. Sternberg’s track record and experience of working with clients from the earliest stages of their cases allows him to bring a uniquely broad-based perspective to the matters he handles.
By submitting this form, you agree to be contacted by our law firm, either by phone, text or by email.
Phone: 713-547-5460
1700 Post Oak Blvd
2 BLVD Place Suite 610
Houston, TX 77056
201 St. Charles Avenue
Suite 2500 PMB # 8873
New Orleans, LA 70170
Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
© Copyright 2023 | All Rights Reserved | Manfred Sternberg & Associates | Powered By Convert It Marketing | Privacy Policy