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Surplus or excess funds meaning ?
01
How are surplus funds calculated?
Calculate the remaining balance after paying off the mortgage debt
Subtract the mortgage debt from the sale price
02
Who is entitled to surplus funds?
The owner of record, or the person who owned the property before the foreclosure lawsuit
Subordinate lienholders, such as those with a subordinate mortgage, judgment, or construction lien
03
How are surplus funds distributed?
The trustee appointed in the foreclosure auction is responsible for distributing the funds
The trustee distributes the funds without charging additional fees
04
What happens if there are other claimants?
If there are other potential claimants, such as an unknown judgment, you may need to work with a lawyer to navigate the situation
05
What happens if there is a surplus of less than $10?
Surplus of less than $10 escheats to the clerk
06
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.
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