Do I need a lawyer to claim foreclosure surplus funds?

When you are experiencing foreclosure on your home, everything feels overwhelming. Quite literally, it can feel like your world has turned upside down. But unfortunately, home foreclosure is a reality for thousands of Floridians a year.

However, as difficult as the process of foreclosure is to navigate, in some instances, you can still come out of the incident with finances left over. Oftentimes, people entering foreclosure on their homes expect to lose everything and be left with nothing.

But the reality is that a surplus of funds may exist after the sale of your home has closed, but in order to claim this leftover money, you’re going to want to consult a foreclosure specialist.

And, while you can begin claim procedures yourself, to ensure you receive what’s rightfully yours, finding a professional audit team and attorney is a wise decision.

What qualifies as Surplus Funds?

First, what exactly qualifies as “surplus funds”?

If you’ve been learning about the foreclosure process on your own, or with a certified foreclosure analyst, you may have seen the term surplus funds come up.

Essentially, surplus funds are the leftover monies after the amount you owed to creditors has been paid. If your home sold for more than what you owed, that creates a surplus of funds that you may be eligible to claim.

However, the process is complex, and there is no guarantee your claim will go through if you attempt to file the claim yourself.

Additionally, in the state of Florida, the court used to appoint individuals as a Surplus Funds “Trustees” to help locate people who were owed their surplus funds from the foreclosure.

These appointees would be reimbursed a percentage for fulfilling their responsibilities and ensuring the person owed received their funds.

But now, you are less likely to be contacted by the court itself, and instead by companies who require you to sign over your rights to the funds in order to receive them. This paperwork is called “An Assignment of Interest” and is irrevocable. Most of these Assignment companies are “fly by night” and here today and gone tomorrow. If you have questions, you are out of luck because the claim doesn’t belong to you anymore, but to the Assignment company.

If you choose to file on your own and do not file a claim in time, or your claim is filed improperly without the necessary information, the leftover funds can end up with the Bank/Servicer/Plaintiff or the state of Florida.

The reality, however, is that surplus funds are your funds — and that’s why it’s so important to have a foreclosure attorney and analyst on your side helping guarantee that you receive what’s rightfully yours.

How to Claim Foreclosure Surplus Funds

If your home sells at a foreclosure auction or through a mortgage foreclosure sale, and there is an excess of funds greater than what’s owed, the funds will be deposited with the court. You may or may not receive notification from the court handling your case.

You should know that there is a limited window for recovering surplus funds, and you must be able to provide important documents like proof of prior ownership. This is just one area where a foreclosure analyst can help you through the process.

Our Analysts can determine what documents you need, as well as provide the most important financial details to a certified attorney. That way, you’re ensured the claim process is done correctly. Thus saving you even more trouble and stress down the line.

EquityRecoveryPros.com: The Experts in Claiming Foreclosure Surplus Funds

When you partner with the professional foreclosure analysts at Equity Recovery, we will help you navigate the process of claiming your funds each step of the way. In addition, we can connect you with several reputable foreclosure attorneys, and help build your case.

You can contact us online to book an appointment. We look forward to helping you claim your surplus funds.

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