Q: What legal actions can my aunt, brother, sister and myself take since we were the heirs to my grandfathers estate in Tx.
We were all served paperwork stating that the property would be auctioned off to pay what's owed and we would receive the difference. A couple weeks after the auction date I contacted the law office in charge of the sale to see how much the property sold for. I was told it didnt go to auction and the bank seized it for what was owed. The property was valued at 156k and only $49k was owed. Even with it being a forclosure sale id like to think that there would be a surplus. It said in the summons that we didn't have to do or file anything to receive our portion of the sale.
A: Wow. You probably did a very stupid thing by not stepping in. In a foreclosure, the secured and foreclosing party will bid as much but not more than what is called the upset price. That is the amount they are owed after fees and expenses. In a very hot market, especially with all the many varieties of Trump University selling the notion that foreclosure auctions are profitable, there will sometimes be a surplus, but you need someone watching there to find out. Otherwise, I wouldn't bet on a deposit from the sale in your accounts. If you want to know with greater certainty, retain Texas counsel, but that should have happened when there was over $100,000 to spread around.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
