Legal Question in Real Estate Law in Texas
Foreclosure
Our home was foreclosed on in September, 2003. The property has since been sold for considerably more than what was owed on the house. Also, we had submitted an insurance check to the Mortgage Company in the amount of $20,000+ before the house was foreclosed on. My question is are we due any excess funds over and above what was owed, attorney's fees, etc.? My mortgage company says no and they also stated the insurance check is in a ''supsense fund'' for future repairs, however the house was sold ''as is''. Any information would be appreciated.
2 Answers from Attorneys
Re: Foreclosure
The price at the trustee's acution, not the price at some subsequent sale of real estate owned by the bank, is the benchmark by which overages are measured to determine if funds must be paid back to the debtor.
A lienholder must do many things to properly take back real property for failure to pay. Some times they do not do everything correctly. You should take all your documents and facts and amounts to a local lawer who regularly practices in the field of real estate.
http://www.reasonable-doubt.com
Re: Foreclosure
If the mortgage company purchased the property at the foreclosure sale which typically happens, then you would not be entitled to any of the proceeds from a subsequent sale, regardless of the amount. The mortgage company can probably retain the insurance check as well unless the entire amount of the debt has been paid in full.
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