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Q & A
Questions and Answers for Surplus Funds Claimants
- What are surplus funds?
Surplus funds are the remaining money from the sale of your foreclosed property. If your property sold for more than what was owed on the mortgage, taxes, or liens, the extra money belongs to you, the homeowner.
- How am I owed money after foreclosure?
When your property is sold at auction, the winning bid often exceeds what was owed on your mortgage or taxes. This creates a surplus amount, which legally belongs to you as the former homeowner.
- How does the surplus funds recovery process work?
- We identify if you’re owed surplus funds.
- We handle all the paperwork, legal filings, and communication with the court.
- There is no upfront cost to you. We work on a contingency basis, taking a small percentage from the recovered funds once your claim is paid out.
- Once the claim is approved, funds are released to you via direct deposit or check from the attorney handling your case.
- How long does it take to receive my funds?
Typically, it takes about 60 to 120 days for the claim to be processed and paid out. However, some cases may take longer depending on the court and specific circumstances.
- What if the claim amount changes?
In rare cases, judgments, liens, or other deductions may reduce the surplus amount. We will always inform you of any changes as they arise and provide you with documentation to explain them.
- How will I receive my funds?
Once the claim is approved, the attorney handling the claim will release the funds to you via direct deposit or a check, depending on your preference.
- Is this a scam?
We understand that many homeowners are skeptical. However, this is a legitimate process supported by state laws. We encourage you to do your own research. Additionally, you can review our testimonials from previous clients who successfully received their funds.
- Do you charge upfront fees?
No, there are no upfront costs. We only take a small percentage from the recovered surplus funds after you’ve received your money.
- Why do I need assistance to recover my funds?
The process can be complex, involving legal filings, court procedures, and strict deadlines. Our team specializes in navigating these requirements to ensure your claim is handled efficiently and accurately.
- What if I don’t claim my surplus funds?
If the funds go unclaimed, they may eventually be forfeited to the state after a set period. It’s important to act quickly to ensure you receive what is rightfully yours.