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What you need to know:
🟄 There may be money sitting in the Clerk of Court that you are entitled to recover!
When a property is sold at a foreclosure auction or at a tax deed sale due to past due real estate taxes and fees associated with the sale, the final sale price may have been higher than the opening bid amount. The remaining funds are classified as the foreclosure or tax deed sale surplus funds. You are entitled to any funds left over after all other lienholders, such as banks and second mortgagees, are paid off.
🟄 We charge no fees unless we recover your surplus proceeds for you!
You pay no upfront fees at all and our firm only gets paid a percentage of the money if we can obtain the surplus on your behalf.
🟄 We make it quick, easy, and safe as our legal experts navigate the process for you!
The experienced attorneys handling your surplus recovery are also REALTORS® who have the skill and knowledge needed in order to navigate what may otherwise be a stressful and complex process. We fight to get you every single dollar that you are rightfully entitled to!
🟄 Beware of scammers!
You may be contacted by third-party recovery companies, claiming that they can help you recover your surplus funds, and require you to sign over your rights to your property. Watch out! These will not be attorneys, and they will not be able to provide you with any legal advice. If they recover surplus funds on your behalf, there is no guarantee that they will not disappear with your money, leaving you with little recourse.
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How it Works:
🟄 Proving ownership:
You must show that you were the last owner of the home, which would entitle you to surplus funds. You may do so by providing a copy of the title to the property.
🟄 Verifying the surplus funds:
Foreclosure records must be analyzed to determine the number of loans and liens on the property, the total of which will be subtracted from the amount that was received from the foreclosure auction. You must provide evidence to verify the surplus funds, which may be found in a letter called the “Deposit of Surplus Funds”. Our firm will help obtain the evidence needed during this process.
🟄 Notifying the trustees:
You are required to contact all lien holders or banks that have a lien on the property and notify them that you are seeking surplus funds you are owed. This means that if you had a second or third mortgage on the property, you may have to reach out to more than one lender.
🟄 Submitting your claim:
Your claim must be submitted to the court, and will then be examined before any funds owed to you may be released. If you fail to claim the funds after this process, the court will determine the allocation of funds.
🟄 Hearings and motions:
The court may require hearings or other court proceedings before you can receive the surplus funds.