How to 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.

US Legal Forms
Deeds
Land Deed of Trust

Secure Debt Shall Foreclose In Travis

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

County:

Travis

Control #:

US-00181

Format:

Instant download

Description

Debtor is obligated to pay the secured party attorneys fees. In consideration of the indebtedness, debtor conveys and warrants to trustee certain property described in the land deed of trust.

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The UCC requires the lender to provide a Notice of Disposition to the debtor/ pledgor, any secondary obligor (i.e. guarantors), and any party holding a security interest or other lien in the membership units/interests, perfected by the filing of a UCC financing statement (collectively, “Parties of Interest”).

A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult.

Contact Your Lender Submit a termination demand letter, known as an “authenticated demand.” A UCC termination demand letter is a signed request you send to the lender asking them to cancel the UCC filing. Be sure to list the name and address of the lender, as noted on your financing statement.

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.

Section 9-620 of the UCC gives a secured creditor the option to accept its collateral in full or in partial satisfaction of its debt. This is commonly known as strict 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.

Redemption period for properties identified as agricultural use or homestead properties is two years. Redemption period for all other properties is six months. The redemption period begins on the date the deed is recorded.

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.

Tax Implications of Surplus Funds Whether the surplus funds from a foreclosure sale are taxable can depend on individual circumstances and how they align with tax regulations. Generally, these funds might be considered taxable income, and the homeowner may need to report them as such on their income taxes.

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The parties to a mortgage may insert therein a covenant binding the mortgagor to pay the debt secured. Such a covenant is valid and binding.On December 29, 1992, Gardner brought the instant action to foreclose both mortgages. Travis answered and counterclaimed. Bankruptcy claims will remain on your credit rating for as long as ten years, which will potentially impact your ability to get future financing from creditors. This debt is considered an unsecured debt and can be discharged in a bankruptcy proceeding. Foreclosure is a legal action the county takes as its final effort to collect delinquent property taxes. You can bid on these properties at public sales. As will be seen below, new Article 9 gives a secured party considerable flexibility with regard to satisfying a debt out of the collateral. A consent foreclosure is just what it sounds like.

Secure Debt Shall Foreclose In Travis

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