Call Us At: 713-547-5460
When you’re going through a foreclosure sale, the process is stressful. It's challenging enough to uproot your life without having to figure out what’s happening and what you can do to protect your limited legal rights. A property sale can happen for several reasons, including unpaid taxes, a lien on your home, a mechanic’s lien, or an unpaid mortgage. But if your property is sold in foreclosure, you want to ensure that you collect any funds remaining from the sale over the amount you owe. You don’t have to figure this process out on your own. An experienced attorneys like the attorneys at Manfred Sternberg & Associates can help.
In some cases, your property may sell for a higher price than the total liens on the property. The lien holder, whether a state or federal agency, a private company, or an individual, can only recover the amount of the lien plus the costs of foreclosing on and selling your property. Anything left over may pay any additional junior liens on the property. You can recover the excess proceeds if there are no additional liens.
For example, suppose you own a home with a $50,000 mortgage that the bank forecloses on and sells for $150,000. In that case, you may be entitled to recover the additional $100,000 minus the costs of the foreclosure and sale or any additional liens. However, you have a limited amount of time to recover these funds.
To recover excess funds from a tax foreclosure sale, you must petition the court that ordered the sale or the foreclosure trustee. You must do this within two years of the property sale date. You may be eligible to recover excess funds if:
If you own the property with more than one person, the court or trustee will generally assign properly claimed excess proceeds as indicated on the title or otherwise.
Unfortunately, recovering excess proceeds from a foreclosure sale can be a complex process and time-consuming process.Typically, there is very little time to get everything in order—and the process is often slow. But you don’t have to navigate the process on your own. An experienced attorney can help.
Manfred Sternberg & Associates has helped hundreds of clients withstand and overcome the tedious process of protecting your rights in the recovery of surplus funds in the state of Texas. Find out how we can help you as well. Call Manfred Law at (713) 547-5460 or contact us online today through our online submission form.
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
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.
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