Beginner’s guide to foreclosure surplus recovery
It’s not uncommon to feel like losing your home in foreclosure means that you lose all the equity you had with it. Fortunately, you can get that money back through foreclosure surplus recovery. At Claim Surplus, this is what we specialize in. We can pair you with an attorney who will help you claim your money.
We understand that foreclosing isn’t likely something you planned on over the years, so you might not know some of the details that come with it. Foreclosure surplus funds are something that many homeowners don’t consider as a part of the process, so we’ve put together a beginner’s guide to provide you with basic knowledge regarding these funds.
Where does foreclosure surplus money come from?
Foreclosure surplus funds are similar to the money you would get from the equity in your home if you sold it on the housing market. Your foreclosure surplus comes from the money used to buy the home in excess of what you owe on your mortgage. For instance, if you own $200,000 on your mortgage and your house is valued and sold at auction for $400,000, you would get $200,000 in foreclosure surplus money.
Who is entitled to foreclosure surplus money?
Whether you sell your home through a real estate agent or foreclose and it sells at a public auction, you’re entitled to the foreclosure surplus. However, it’s essential to understand that the bank isn’t going to simply send you a check for your surplus because they can also claim it. What’s more, additional creditors might also try to claim the funds if you or the bank get started on the foreclosure surplus recovery process. With so many parties in a position to claim this money, it’s important that you have somebody who can help you with your claim.
How can an attorney help me?
To claim your foreclosure surplus, you’re going to need documents proving that you’re the “rightful owner” of the property and money. An attorney can help you draw up documentation that verifies eligibility to claim the funds. Documentation will include performing a title search to verify the owner of the property and claim the money. You might find that there are other creditors who have a claim against the property, which means they’re also likely to make an attempt to claim the money.
How do I start my claim?
If there are surplus funds available from your foreclosure, you’re going to receive a letter from the Clerk of Court letting you know. You’ll need to respond to this letter by filing a Petition to Determine Ownership of Surplus Funds. The best thing you can do to get your claim started is to get in touch with an attorney. Your foreclosure attorney will help walk you through the process to ensure that you’re not only entitled to the funds but a plan to claim them.
Reach out for help
You don’t have to fight for your foreclosure surplus recovery by yourself. Get in touch with us a Claim Surplus, and we’ll help you get started. Not only do we have a team of foreclosure experts, but we also work with a network of attorneys who can take your claim to local courts to verify your right to ownership of foreclosure surplus funds. We prioritize keeping an open line of communication with each of our clients throughout the process so you know exactly what’s going on with your surplus recovery.
Give us a call today at 407-759-6226, or send a message using our online contact form to book an appointment. We look forward to working with you and getting your foreclosure surplus funds for you.
