FAQs
How do I know if I have surplus funds?
To verify whether surplus funds were generated, it is important to review the official records from the foreclosure sale. These records are typically available through the county court docket or a similar public database (primarily in judicial foreclosure states) and may include details such as the case number, property address, and owner’s name.
From there, you can locate key documents related to the foreclosure, such as the Final Judgment or Final Writ, which may indicate whether excess proceeds were created. More information can be provided after a consultation and review of your case. Not all foreclosures result in surplus funds, and not all individuals associated with the property are legally entitled to claim them.
Is there a deadline to claim my funds?
Yes. Deadlines for filing a surplus funds claim vary by state and county. In many cases, if a claim is not submitted within the required time-frame, the funds may be escheated to the county or state, potentially making them inaccessible. For more information, it is recommended to review your county’s official website or state statutes.
What documents are needed to file a claim?
The documents required to file a surplus funds claim may vary by jurisdiction, but typically include the following:
- Proof of identification (drivers license, passport, state ID, etc)
- Proof of ownership (deed document)
- County Claim Form
- Signed Agreement Form (notarized)
- Assignment of interest
- Notice of Surplus Fund
- Response Funds Payable
- Miscellaneous documents
Aside from proof of identification and ownership, all necessary documents will be prepared and provided to you as part of our service. If the owner is deceased, additional documents required will include: Probate, Summary of Admin and an Affidavit of Heirship.
How much do you charge?
We charge on a contingency basis which means there’s no upfront fee. To process a legal claim, we normally charge 20% of the surplus proceeds which will cover our business expenses, filing costs, and legal fees since we’ll be working with attorneys. If we’re unsuccessful in obtaining the surplus on your behalf, - you pay nothing!
Why wasn't I sent a notice of my surplus funds?
Notices of surplus funds are typically sent to the foreclosed property address. As a result, many former owners never receive these notifications as many of them have since left the property.
Do I need a lawyer to claim my funds?
When it comes to filing a claim, whether you need an attorney or not depends on if you live in a judicial or non-judicial state. In a judicial state, the court supervises the sale of a foreclosed property and requires a motion to claim a surplus fund. An attorney is required to file the proper motions in judicial states.
How long does it take to receive the funds?
The timeline for receiving a surplus fund varies by state, county and the complexity of the claim. In most cases, it generally takes several weeks to months. Several factors can influence the timeline, including court processing and approval times, the presence of competing claims or disputes, and whether all required documentation has been accurately and fully submitted. For more detailed information, it is recommended to consult your county’s official website.
What if my name isn't the only one on the property?
If a property has more than one owner, each owner may be entitled to a portion of the surplus funds. In such cases, each claimant is required to submit an individual claim form along with the necessary supporting documentation.
All claims are carefully reviewed by the court, which determines how the funds will be distributed based on legal priority and each party’s entitlement. This process may involve a detailed review of the property’s financial history and, in some cases, may require hearings or the submission of additional evidence before a final determination is made.
What if I have another debt on the property?
Yes. If there are outstanding debts tied to the property—such as liens or judgments—they may impact the amount you ultimately receive. In many cases, these obligations must be satisfied before any remaining funds are released to you.
As part of our process, we conduct a thorough review to identify any lienholders (creditors, mortgage company, tax authorities, judgments, etc ) who may have a legal claim to the funds. If complex lien situations arise, they will be handled by an attorney to ensure full compliance with all legal requirements.
How do I file a claim?
To file a surplus funds claim, we will work with you to review the specific requirements outlined on the county’s official website or by contacting the county clerk directly. You will then complete the required county claim form, which can be obtained through the court or clerk’s office.
In addition, you will need to provide original supporting documentation (please refer to the list above), some of which must be signed and notarized prior to submission. Once all documents are properly prepared, they will be forwarded to an attorney who will file the claim with the appropriate county office for review and determination.
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