Should You Use An Attorney When Doing Tax Sale Overages Mortgage How to claim surplus funds. if there are excess proceeds from a mortgage foreclosure sale, they’ll be held by a trustee or deposited with the court. this gives you an opportunity to make a legal claim for the funds. the trustee or officer should send a notice of the surplus to your last known address. This means that the sale resulted in surplus funds of $25,000. the property was also subject to a second mortgage for $15,000 and a judgment lien for $5,000 due to unpaid credit card debt. so, in this situation, $525,000 goes to the foreclosing lender, $15,000 goes to the second mortgage holder, and $5,000 to the judgment creditor.
Do You Have To Use An Attorney When Recovering Overages Surplus Funds Usually the recovery agent or agency you agreed to work with will bear all the expenses to claim your surplus funds including, attorney fees, filling costs and others. they will charge you a gross commission over the net recovered amount. the commission varies from 20% to 50% based on their popularity and success rate. In order to claim surplus funds, one has to file a petition for surplus funds, explaining (or proving) to the court how you are entitled to those funds. unfortunately, there are no published court forms available for this process in the state of north carolina. generally speaking, the claimant needs to engage an attorney to assist in the. Here are a few advantages of hiring an attorney: they’ll help you fill out and file the proper paperwork. they’ll ensure you take action before your claim expires. they’ll help monitor your home’s auction. hiring a lawyer for this process isn’t required. you can research how to claim foreclosure overages on your own. The money left over is called “surplus funds.” q: who do surplus funds belong to? a: surplus funds belong to the person or persons who owned the property at the time of the foreclosure. if you lose your home as the result of a foreclosure, any surplus funds belong to you. the surplus funds represent the equity you saved up in your home over.
Overage Refund Recovery Llc Helping People Claim Their Surplus Funds Here are a few advantages of hiring an attorney: they’ll help you fill out and file the proper paperwork. they’ll ensure you take action before your claim expires. they’ll help monitor your home’s auction. hiring a lawyer for this process isn’t required. you can research how to claim foreclosure overages on your own. The money left over is called “surplus funds.” q: who do surplus funds belong to? a: surplus funds belong to the person or persons who owned the property at the time of the foreclosure. if you lose your home as the result of a foreclosure, any surplus funds belong to you. the surplus funds represent the equity you saved up in your home over. Accessing surplus funds . what are surplus funds? surplus funds, also referred to as overage or excess funds, are the . funds remaining after a mortgage is paid through the final judgment of a foreclosure auction. the trustee appointed in the foreclosure auction is responsible for disbursing the funds without charging additional fees. Generally, the process of claiming surplus funds from foreclosure includes the following steps: step 1: contact the trustee’s office to inquire about possible surplus funds. step 2: request a claim form or the specific procedure for claiming the funds. step 3: provide necessary documentation. step 4: submit the claim.
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