Call Us At: 713-547-5460
If you’re going through a home foreclosure, the process can be painful and stressful for you and your family. Whether your foreclosure is happening because of an unpaid mortgage, taxes, or other liens on your home, figuring out the process and what happens after the sale can be challenging. But you also want to ensure that you recover any funds that remain from your home’s sale over the amounts you owe.
If your home sells for a higher price than the liens on your home, there will be excess proceeds or money left over. The lien holder is only entitled to the amount of their lien on your property and the costs of foreclosure and selling the home. If you have additional liens on the property, these excess funds will first pay these junior liens. For example, let’s say your mortgage holder foreclosed because of failure to make your mortgage payments. You owe $50,000 for the outstanding balance of your mortgage and the costs to foreclose and sell it, but you also have a mechanic’s lien on your home for $5,000 not paid to a contractor. If the foreclosure sale of your home nets $150,000, there will be $100,000 in excess funds. Then, the mechanic’s lien holder may recover their $5,000, leaving $95,000 in excess proceeds.
Note that other issues factor into the amounts that remain, if any.
You may be entitled to recover the $95,000 in excess funds from the foreclosure sale of your home. However, you must petition the foreclosure trustee or court to recover these funds. You may be eligible to recover excess funds from a foreclosure sale if:
If there is more than one former owner, the court will likely assign the excess proceeds to each former owner “as their interests appear.”
If you’re going through a foreclosure sale, you don’t have to figure out how to recover excess funds on your own. Manfred Law can help. The attorneys at Manfred Law have assisted Texas clients (like you) for years. Call us at (713) 547-5460 or
contact us online to discuss your case or claim.
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