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The proceeds from the tax sale are used to pay the redemption amount and costs associated with the defaulted taxes. Any monies remaining after the satisfaction of the tax sale are considered to be Excess Proceeds.

In Texas, the right of redemption applies only to delinquent tax sales. There is no right of redemption for mortgage foreclosure sales. Anyone contemplating purchas- ing property at a tax sale should be aware of the provisions in the Texas Constitution and the Texas Property Code as amended.

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.

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.

Foreclosure and Keeping Your Equity You don't forfeit the equity in your property after banks auction off your home in foreclosure. However, once the home is sold at auction, the adverse effects of foreclosure will chip away at that equity before you are paid the remainder.

If your property is sold at foreclosure, any funds remaining after the sale that have not been used to pay off the liens held by your mortgage company or other lienholders will be remitted to the court.

(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.

When a foreclosure sale generates more money than needed to pay off the lien, the excess proceeds usually go first to creditors in the order of their priority, and second to the owner after creditors are paid in full.

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.

In Texas, the redemption period is generally two years. This redemption period applies to residential homestead properties and land designated for agricultural use when the suit was filed. Other types of properties have a 180-day redemption period. (Tex.