Texas Notice of Excess Funds is a document issued by a county clerk in Texas that contains the names of individuals who are owed money from a court-ordered foreclosure sale. The notice contains information about how much money was collected, how much remains unclaimed, and how to claim it. There are two types of Texas Notice of Excess Funds: Pre-Foreclosure Notice of Excess Funds and Post-Foreclosure Notice of Excess Funds. The Pre-Foreclosure Notice of Excess Funds is sent to the borrower before a foreclosure sale is held. It gives the borrower an opportunity to pay the amount owed and reclaim the property. The Post-Foreclosure Notice of Excess Funds is sent after the foreclosure sale has been held. It informs the borrower of any amount that remains unclaimed after the sale has been completed. Both types of notices provide detailed instructions on how to claim the excess funds.
Texas Notice of Excess Funds
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How to fill out Texas Notice Of Excess Funds?
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FAQ
How do I file for excess proceeds in Texas? (a) A person, including a taxing unit, 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.
After the foreclosure sale, if the property sells for a higher price than what is owed, the excess funds would then be used to pay off any additional liens that may be on the property.
Section 34.03 - Disposition of Excess Proceeds (a) The clerk of the court shall: (1) if the amount of excess proceeds is more than $25, before the 31st day after the date the excess proceeds are received by the clerk, send by certified mail, return receipt requested, a written notice to the former owner of the property
Often, a home will sell for more than the amount needed to cover the unpaid taxes. In the state of Texas, the previous owner of the home is entitled to the extra money collected at the sale. However, this money has to be claimed within two years of the sale of the home. Otherwise, the county gets to keep the money.
How to Claim Excess Tax Funds Gather the Required Documents. There are a number of documents that you'll need to gather and submit along with your claim form.Complete the Claim Form. Once you have your documents gathered, you can fill out the claim form.Submit Your Claim.
If property is sold in a tax sale in Harris County and there are proceeds from the sale, this overpayment is referred to as excess proceeds and is deposited with the Accounting Section.