Sometimes there is money left over from the payments towards the mortgage after foreclosure sales. Many people do not know that they can receive surplus property funds after their property is sold in a foreclosure auction. Whenever a property is sold in foreclosure due to an unpaid mortgage loan, the lender is required to return surplus funds to the prior owner after the auction.
Foreclosure laws state that the difference of the unpaid loan amount and the current selling price of the foreclosed property should be paid to the defaulter. Such a difference is known as foreclosure surplus fund. In order to have access to such funds, you should enlist the help of a real estate attorney who has the experience to file a legal claim on your behalf.
Real Estate Laws
After a foreclosure sale, it is the duty of the trustee to inform the previous owner about refunding any excess amount. However, in many cases, trustees do not give adequate notice to the prior owner. A real estate lawyer can conduct necessary follow-ups with your bank and the sole trustee and follow required court procedures to get back the surplus amount.
Eviction After Foreclosure
An experienced real estate law firm can also fight eviction while you make your claim for surplus funds.
Hiring A Real Estate Lawyer
Generally, many people do not have in-depth knowledge of legal procedures pertaining to filing the claim for foreclosure surplus funds. An experienced real estate lawyer can provide you relief. Hiring the right lawyer means having someone who knows efficient ways of filling necessary paper works on your behalf.
A professional real estate law firm will perform the necessary paperwork in order to claim surplus property funds of the prior homeowners. The right attorney will ensure that there is no delay in claiming the money. An experienced attorney will calculate the amount of money to claim when receiving the surplus funds and ensure that a prior owner receives surplus money in a timely manner after foreclosure procedures.
There are serious advantages of hiring a real estate attorney who can help you to navigate the legal procedures for claiming surplus funds.
A law firm will take care of the necessary paperwork and legal procedures and will also provide you with free advice on ways of safely claiming your surplus amount after a foreclosure sale.