Surplus Funds Recovery The Paperwork Required For A Succesful Claim

Surplus Funds Recovery The Paperwork Required For A Succesful Claim If you file a claim for surplus funds, you can recover money that you may have forgotten about or didn’t even realize you were entitled to. here are the 6 steps on how to file a claim for surplus funds: eligibility for filing a claim. before filing a claim for surplus funds, it’s essential to determine your eligibility for 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.

Surplus Funds Recovery Everything You Need To Know Real Estate Tracer Provide proof of ownership (such as a copy of the title). verify the amount of surplus funds by reviewing foreclosure records. contact the trustee or lienholder to inform them of your claim. submit a formal claim to the trustee and court. attend any required hearings or court proceedings. Follow their instructions carefully and provide all required information to support your claim. step 4: handling documentation and evidence: accurate documentation and evidence are vital for a successful surplus funds recovery. gather relevant paperwork, such as old bank statements, invoices, or legal documents. 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.