Why Homeowners Should Work with Manfred Law to Claim Excess Funds from a Foreclosure Sale
Why Homeowners Should Work with Manfred Law to Claim Excess Funds from a Foreclosure Sale
When a property is sold at auction, the property owner has the right to any excess funds. This means any money left from the sale after satisfying the property owner’s debt.
In Texas, property owners don’t automatically get the excess funds. They instead have a two-year window to claim the money, and there are no exceptions to missing that deadline.
Claiming Excess Proceeds
Following a foreclosure sale, a property owner has the right to claim any money when the total amount left is more than $25. If they don’t claim the funds within two years, the taxing entities that were involved in the foreclosure sale will split the proceeds.
Claiming these funds isn’t as simple as saying, ‘That’s mine.’ Property owners must:
- File a claim in court
- Provide documents such as the current deed and the deed when they owned the property
- Pay fees
If there are multiple claims to the excess funds, a property owner may have to attend a hearing to determine ownership.
In situations when an individual co-owns the property, they will need to establish their ownership share. Owners can either decide how to divide the excess proceeds between them. If they can’t agree, a judge will determine the percentage of proceeds each owner receives.
Navigate the Legal Process
A lawyer can help an individual throughout the process of claiming excess funds. They can help with drafting and filing the required forms and documents at the correct court. They assist their clients in identifying relevant documents and evidence.
In situations when a property has multiple owners, a Manfred Law attorney can help their clients show their claim to the property. This can be especially important when property ownership isn’t an equal split among the owners.
Hire a Skilled Property Lawyer Who Knows Texas
If your property has been auctioned and you think you have a right to the excess proceeds, a skilled Texas property law attorney can help. The attorneys at Manfred Law help Texas property owners claim what’s theirs. Call us at 713-547-5460 or contact us online to schedule your consultation.
