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If you’re going through a foreclosure, you may not care that the process differs for tax and mortgage foreclosure sales. After all, your home is on the block. But after the sale, once your unpaid obligations are fulfilled, you may be entitled to recover any money that’s left over. However, in Texas, recovering excess proceeds can vary depending on the type of foreclosure. That’s why you must understand the difference between foreclosures and which process applies to you. Our
last post focused on what happens after a tax foreclosure. In this post, we’ll focus on mortgage foreclosures.
The sale of your home after a mortgage foreclosure will typically take about 60 days. After the sale, the proceeds will first go to pay off your unpaid mortgage balance. However, the proceeds will also pay off:
After paying off your mortgage and any liens or other obligations on your home, you’ll be entitled to recover anything left over from the sale, also known as the “excess proceeds.” But Texas law doesn’t have a specific statute governing how a trustee should distribute excess proceeds from mortgage foreclosures. That’s because mortgage foreclosures in Texas primarily happen through non-judicial foreclosure, which allows a trustee to handle a foreclosure and sale on behalf of a lender after a default. After the sale, the trustee must notify you if there are excess proceeds. You will then have two years from the date of the sale to petition the trustee to recover the excess proceeds.
While the basic processes after a foreclosure are similar for both mortgage and tax foreclosures, there are some key differences.
Texas procedures for recovering your money after a mortgage foreclosure can be challenging to decipher without the help of an experienced lawyer. That’s where the seasoned lawyers at Manfred Law come in. Find out how they can help you. Call us at (713) 547-5460 or contact us online to request a consultation.
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.
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Phone: 713-547-5460
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