Have you been foreclosed on? you may be owed the surplus?
Foreclosure surplus, also known as excess proceeds or surplus funds, is a term associated with the sale of a foreclosed property. When a property is foreclosed upon and sold, there are instances where the sale generates more money than what is needed to satisfy the outstanding mortgage debt and associated fees.
Understanding foreclosure surplus
1. Origin of Surplus
2. Distribution of Funds
2. Distribution of Funds
The surplus arises when the foreclosed property is sold at a value exceeding the total amount owed on the mortgage, including fees and costs incurred during the foreclosure process.
2. Distribution of Funds
2. Distribution of Funds
2. Distribution of Funds
Depending on the jurisdiction, the surplus funds may be returned to the former property owner or other lienholders who have an interest in the property.
3. Legal Regulations
4. Reclaiming Surplus
4. Reclaiming Surplus
The process of distributing foreclosure surplus is often subject to legal regulations and procedures. Laws vary by location, so it's important to understand the specific rules governing surplus funds in your area.
4. Reclaiming Surplus
4. Reclaiming Surplus
4. Reclaiming Surplus
Homeowners who have lost their property through foreclosure may have the opportunity to reclaim the surplus funds, providing a potential financial lifeline during a challenging time.
Simply put, the surplus is created if your home was foreclosed becuase you owed $60,000 but the bank sold the house for $80,000. You may be entitled to the $20,000 surplus created by the sale. That's where we come in. Our team of qualified representatives help you navigate the legal avenues to help you reclaim your surplus funds.
