assignment of excess proceeds texas

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Texas Tax Code 34.04 – Claims for Excess Proceeds

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Terms Used In Texas Tax Code 34.04

Deed : The legal instrument used to transfer title in real property from one person to another.
Defendant : In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
Evidence : Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Foreclosure : A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
in writing : includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
Intestate : Dying without leaving a will.
Lien : A claim against real or personal property in satisfaction of a debt.
Person : includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
Property : means real and personal property. See Texas Government Code 311.005
Rule : includes regulation. See Texas Government Code 311.005
Signed : includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
sworn : includes affirm or affirmed. See Texas Government Code 312.011
Taxing unit : means a county, an incorporated city or town (including a home-rule city), a school district, a special district or authority (including a junior college district, a hospital district, a district created by or pursuant to the Water Code, a mosquito control district, a fire prevention district, or a noxious weed control district), or any other political unit of this state, whether created by or pursuant to the constitution or a local, special, or general law, that is authorized to impose and is imposing ad valorem taxes on property even if the governing body of another political unit determines the tax rate for the unit or otherwise governs its affairs. See Texas Tax Code 1.04
Testify : Answer questions in court.

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Excess Funds from a Foreclosure Sale: Texas Law in Plain Language

If you’re going through foreclosure of your home or other property, the entire process can be stressful and full of bureaucratic notices and deadlines. But whether you’re still in the process or on the other side, it’s important to understand your rights under Texas law.

Texas Foreclosures and Excess Proceeds

If you have an unpaid tax lien, a mechanics lien, or a mortgage you aren’t paying, the lien holder may ask the court for a judgment against you and order the sale of your home. The county will then auction it to the highest bidder and use the proceeds to pay off the lien. But if any funds are left after all the liens on your property and the costs of foreclosing and selling are paid, you may be entitled to anything left over. These are called the “ excess proceeds .”

Texas Law on Excess Proceeds

Texas Tax Code §34.04 details the law about how and when you can recover excess proceeds from a foreclosure sale. But the tax code is dense and complex, so what does it really mean?

Excess Proceeds: If more than $25 is left from the foreclosure sale of your home after the lien and any costs are paid, you are entitled to claim that money.
Time Limits: You must file a claim for excess proceeds within two years of the sale of the property.
Documentation: You must attach the proper documentation in your petition for the excess money, including the transfer or assignment document, the current deed, and the deed when you owned it.
Multiple Owners: If there is more than one former owner of the property, the court will assign the proceeds “as the interests of each may appear.” So, if you own the property jointly with two other people, the court will assign the proceeds to each of you equally.
Assignments: If you assign the excess proceeds, the court can’t order they be paid more than 125% of what the assignee paid you for the assignment. State law also contains complex rules about how and when you can assign your interest in excess proceeds to someone else.

Hire an Experienced Surplus Funds Recovery Attorney

If you’re going through a foreclosure sale, you don’t have to navigate this complex process alone. Manfred Law can help. The attorneys at Manfred Law have been helping people like you in the Houston area for years. Call them at 713-547-5460 or contact them online to schedule your consultation.

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Practice Areas

Business Law

Civil Litigation

Uniform Enforcements of Foreign Judgments

Excess Proceeds

Real Estate Law

Personal Injury

Contact Information

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