Who has excess funds realized at a foreclosure sale?

In California, excess proceeds from foreclosure sales are typically forwarded to the state's unclaimed property division if the prior homeowner(s) cannot be contacted. Homeowners are notified of potential surplus funds via mail.

How do I claim equity after foreclosure?

You'll need to act quickly to claim surplus funds after the foreclosure sale. A limited amount of time will be available for you to get the funds. The exact amount of time you'll get depends on state procedures. You can apply to either the foreclosure trustee or the court to get the foreclosure excess proceeds.

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Chattel Mortgage on Mobile Home

Chattel Mortgage Form With Extra Judicial Foreclosure In Tarrant

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

County:

Tarrant

Control #:

US-0007BG

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Instant download

Description

A chattel mortgage is a term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan.

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FAQ

Section 34.04 - Claims for Excess Proceeds (a) A person, including a taxing unit and the Title IV-D agency, may file a petition in the court that ordered the seizure or sale setting forth a claim to the excess proceeds. The petition must be filed before the second anniversary of the date of the sale of the property.

The former owner will have to petition the county to turn over the surplus funds. If no one petitions to recover them, the surplus funds generally can be held by the county for two years before they are distributed to the taxing bodies that foreclosed on the property.

In California, excess proceeds from foreclosure sales are typically forwarded to the state's unclaimed property division if the prior homeowner(s) cannot be contacted. Homeowners are notified of potential surplus funds via mail.

The "power of sale" clause in effect enables the mortgagee to order a public sale without court decree.

The Texas foreclosure process has roughly 160 days from start to finish until a home goes into auction, so knowing where you stand can help you decide what might be the next best course of action.

You'll need to act quickly to claim surplus funds after the foreclosure sale. A limited amount of time will be available for you to get the funds. The exact amount of time you'll get depends on state procedures. You can apply to either the foreclosure trustee or the court to get the foreclosure excess proceeds.

If the lender is pursuing a foreclosure outside court, you can challenge a non-judicial foreclosure by initiating a lawsuit to stop the process until a court reviews the foreclosure. A successful defense may take several different forms, ranging from procedural issues to substantive errors or abuses.

What is provision is required in a mortgage to allow a non-judicial foreclosure to force a sale without a foreclosure suit? A power of sale clause.

More info

Texas is a nonjudicial foreclosure state. This practice note explains the process for the foreclosure of commercial real property in Texas, focusing on nonjudicial foreclosure under a deed of trust.Lis pendens is a notice lenders use during a judicial foreclosure. Power of sale is a clause in a mortgage that gives the lender the right to foreclose on a property if the borrower defaults, without judicial review.

Chattel Mortgage Form With Extra Judicial Foreclosure In Tarrant

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FAQ

How do I claim surplus funds in Texas?

How to claim surplus funds from foreclosure in Texas?

Who has excess funds realized at a foreclosure sale?

What clause in a non-judicial foreclosure enables a mortgagee to order a public sale without a court decree?

How long does a judicial foreclosure take in Texas?

How do I claim equity after foreclosure?

What is one way that a borrower can challenge a non-judicial foreclosure in Texas?

What provision is required in a mortgage to allow a non-judicial foreclosure to force a sale without a foreclosure suit?

What provision is required in a mortgage to allow a non judicial foreclosure to force a sale without a foreclosure suit?

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