ExceptioNAL excess funds recovery
What are surplus or excess funds ?
How does it work ?
01
How are surplus funds calculated?
The surplus funds are the difference between the sale price and the amount owed on the mortgage.
This amount also includes any fees and penalties incurred during the foreclosure process.
02
Who is entitled to surplus funds?
The owners of record and subordinate lienholders may be entitled to surplus funds.
Subordinate lienholders include holders of subordinate mortgages, tax warrants, construction liens, and more.
03
How do I claim surplus funds?
You can contact the trustee appointed in the foreclosure auction to claim surplus funds.
The trustee’s contact information is on the Notice of Trustee Sale.
You can retrieve a copy of the Notice of Trustee Sale from the local recorder office.
04
Why is it important to be prepared?
The amount of surplus funds varies from foreclosure to foreclosure.
Preparation and legal counsel can help protect your financial interests.
05
What Happens to Surplus Funds If You Have a Second Mortgage or Other Liens on Your Home ?
Generally, if any junior liens were on the home, like a second mortgage, HELOC, or a creditor recorded a judgment lien against the property, those parties get the first crack at the surplus funds before the homeowner can get them. Any excess proceeds left over after paying off these liens belong to the former homeowner.
06
Deficiency After a Foreclosure Sale (When There’s No Surplus Funds)
On the other hand, if your property is foreclosed and sells for less than you owe, again, the unpaid portion of the mortgage loan is called a “deficiency.” Depending on state law and the situation, the lender might be able to get a deficiency judgment against you for this amount.
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We are experts in this matter, we are dedicated ,we know what to do, and how to do it.
How do you claim the excess or surplus
Or team of experts and lawyers have to do research on property ,file motions.
95%
Of cases are close in 6-11 weeks
5%
Of cases take about 3-4 months
12-30%
Is our fee and it is taken from the backend , meaning went a check has been issued
100%
We do not ask for money upfront, if we are not able to retrieve funds nothing is owed to us, so think about it , what do you have to loose
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Miami, FL
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Frequently Asked Questions
Are surplus or excess funds always there?
No, there is a relatively small window to go after the funds.
What if I had a second mortgage or lien ?
In those cases is hard to predict it all depends on a lot of factors.
How long do i have to wait for funds?
As mention above it all depends on work load of the courts. but usually is 6-12 weeks.
Can I claim the funds myself ?
Yes, you can , is a long and expensive process but is possible.
What do you charge if funds cannot be retrieve?
The best thing about our process is there no money upfront, if where not able to retrieve funds there no charge to you.
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