In Texas, the owner of property in a residential subdivision may redeem a property from any purchaser at a sale foreclosing a home owners' association's ("HOA") assessment lien not later than the 180th day after the date the HOA mails written notice of the sale. It is best to start the redemption process as soon as possible, as you may face delay tactics from the investor who purchased your property (the "Investor"). If you fail to complete the process within the time allotted by law, you will lose your property forever and the Investor will be free to evict you and sell the property.
Put it in Writting
First and foremost, it is very important to put all of your correspondence in writing. It is also very important to send all correspondence via certified mail or other means in which delivery can be tracked.
Request a Payoff
If the HOA was the highest bidder (aka purchaser) at the foreclosure sale, you will need to request an itemized payoff from the HOA. If an investor purchased the property, you must request an itemized payoff from the Investor and the HOA. You can find the name and address of the Investor (1) in the deed or (2) in the notice of sale provided to you by the HOA after the foreclosure sale.
Once you receive the itemized payoff, you will want to make sure you are only charged lawful amounts. The Texas Property Code provides for certain items that are recoverable by the HOA and the Investor. Please note, Investors are notorious for asking for amounts they are not entitled to and typically refuse to itemize their payoff.
Complete the Redemption
Arrange to meet the Investor or HOA in person and exchange the payoff amount for an executed and notarized deed conveying the property back to you. You (not the Investor) will need to record the deed in the county clerk's office in the county in which the property lies.
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