Surplus Funds Retrieval

What is Surplus Funds Retrieval?

Surplus funds, also referred to as overage or excess funds, are the funds remaining after a foreclosing mortgage or tax deed sale is paid through a foreclosure auction. In other words, if the purchase price at the foreclosure sale exceeds the borrower’s loan balance or outstanding property tax debt, this extra amount is called “excess proceeds” or “surplus funds.”

How does that happen? If you or a loved one default on mortgage payments or property taxes, the lender (bank) or taxing authority will likely foreclose. In most states, a foreclosure ends with a public auction where the property is sold to the highest bidder.

When a foreclosure sale results in excess proceeds or surplus funds—money over and above what’s needed to pay off all the liens on the property—this surplus money belongs to you (the homeowner/legal heir), not the lender or tax entity.

With our collective experience in Real Estate Law, and our team of experienced Foreclosure Consultants, Attorneys, and Paralegals; we are here for you—to help you navigate through all the legal steps and successfully recover the funds that are rightfully yours!

We understand that finances could be tight, so our service fee comes after we are successful, or on a contingency basis; which means, if you don’t get paid, neither do we.

WARNING!
Beware if you get a letter or phone call from a company saying it will help you claim any surplus funds after you go through foreclosure. These calls are typically from non-registered companies or individuals with no legal training. They’ll claim they can locate excess proceeds and distribute them to you for a fee. These companies tend to be predatory and aren’t affiliated with the court, trustee, or your lender. Consult with a REGISTERED Foreclosure Consultant or Real Estate Attorney if you need help recovering surplus funds after a foreclosure.

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Surplus Funds Retrieval

What is Surplus Funds Retrieval?

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