3 tips to claim surplus funds overages and excess proceeds in FL
The process for claiming a foreclosure surplus is complicated, but failure to comply with the proper procedure can result in leaving tens of thousands of dollars on the table. Ultimately, this money is imperative for those experiencing foreclosure and seeking a fresh start, so adherence is of the utmost importance. Here are 3 things to know about claiming surplus funds overages and excess proceeds in FL:
Keep things local
When seeking help to claim excess proceeds, it is imperative to keep things local. Only get help from companies within your state.
Each state has different laws, and the claims process is nuanced. Failure to abide by your state’s laws results in receiving no surplus. Before accepting help from a company, consult with an attorney to understand the process and what companies you can trust.
Working with local attorneys and companies is also imperative because only local attorneys or companies know how to maximize your claims. If other entities or people have claims on your surplus but do not abide by your state’s specific process, this prohibits them from claiming any portion of it.
Only local companies and attorneys have the knowledge and expertise to capitalize on these discrepancies.
Fees associated with the process
You must also consider fees associated with the process. Claiming your surplus will come with a host of costs. Anticipating them is essential to making your claim on time.
Expect to pay fees for online submissions that often range between $20 and $35. Remember also have to mail motion pleadings and exhibits to each party through USPS and certified mail. Typically, you will have to mail documents to 5 to 20 parties.
Acquiring documents from the court about the motion or trustee’s sale will also come with additional costs. In total, expect to pay between $75 to $225, which does not account for legal fees.
When working with companies that facilitate this process, some predatory businesses try to charge between 25% and 50% of your surplus, which is unacceptable. Never work with a company that expects you to sign away significant rights to your excess proceeds.
Potential complications
There are several potential complications to consider when claiming surplus funds overages and excess proceeds in FL.
If your home had several owners, this can complicate things. For example, if you have an ex-spouse who owned your home with you upon foreclosure can oppose your motion to claim your surplus. This can result in litigation if you cannot resolve it together.
You also must give notice to all parties of interest who may have a claim to your funds, such as third-party creditors. If you fail to give every party proper notice, the judge will deny your motion and you will receive nothing.
Remember you must also submit the correct documentation for evidence to claim funds. Failure to abide by local court rules will result in not receiving excess proceeds.
Contact us to claim the excess proceeds your deserve
If you have recently experienced a home foreclosure, acting quickly is imperative to claim the surplus funds overages and excess proceeds you deserve in FL. Working with equity recovery experts is critical to maximize your surplus and ensure you do not compromise your excess proceeds by failing to follow protocol. We are the premier equity recovery experts in Florida. With two decades of industry experience, we take the time to get to know clients, tailor solutions, and simplify the process to alleviate stress. We’ll do the heavy lifting, and our streamlined, communicative service is unrivaled. Contact us now to get the surplus you deserve.
