Do you need help to Claim Surplus Funds?
We can help you recover surplus funds if this happened to you:
- Your home was sold in foreclosure for more than what you owed the lender
- You had equity in your home before it was sold by the lender
- You received a letter from the foreclosure trustee notifying you about surplus funds
Many people think that foreclosure is the end of a lost battle and they don’t know what happens after foreclosure. If you are someone who lost your home due to foreclosure, then you might still have a chance to get something back from your old home. If your home was sold at a foreclosure auction with equity remaining, you are entitled to a check for money that is leftover from the sale of the house. That amount is known as mortgage foreclosure surplus funds. The surplus funds are what the previous homeowners can claim after the house is auctioned and paid by the winning bidder.
Call Our Surplus Funds Attorneys If You Want to:
- Recover the lost equity in your home, before it was sold by the lender
- Recover your funds from the foreclosure trustee by filing a legal claim
- File a legal claim for wrongful foreclosure if your lender violated foreclosure laws
What is Surplus Funds?
In a foreclosure sale, a surplus funds is the difference between the equity of the home and the amount the house was sold for. For example, if the house was sold for $200,000 and you still owed $180,000, you would be entitled to the remaining $20,000. There may be other numbers that are involved that will be subtracted.
If there is a surplus that result from a foreclosure sale, you are entitled to the surplus money. However, the right parties may not always notify you of the news and keep the money. In other cases, it may be confusing to know exactly what to do to claim your excess funds.
You can learn more about how much surplus you may be owed by contacting us by submitting a contact form or calling our office. The consultation is free.
What Happens After Foreclosure
Foreclosure can be a frustrating experience but the excess funds that you can get from the sale can help ease your burden and can be used to pay for your rent or as a down payment for a new home. The amount that you can get from mortgage surplus funds depends on how much was owed to the lender and the selling price of the house. Surplus funds are computed by subtracting the outstanding mortgage balances from the sale price paid by the bidder, including any/all fees and penalties incurred by the property. In other words, surplus funds are the difference between the selling price and the outstanding balance.
In California, the law states that any excess funds go to the most recent owner of the foreclosed property. If there is another party that lays claim to the property such as on the case of a second mortgage, then the surplus funds will be used to pay off the debt and the amount left can be claimed once secured liens are paid off. If you need help in getting back the surplus funds from your foreclosed property, you should consult with a professional law firm experienced in recovering excess funds from foreclosed properties.
Recover Surplus Fund Attorneys – Free Case Evaluation
Consumer Action Law Group has helped many victims of foreclosure to recover their surplus fund and sometimes in rare cases, we helped clients get their home back after an illegal foreclosure. Our law firm will navigate the process and deal with the courts and the trustee without charging you any fees upfront.
Call us and talk to one of our experienced foreclosure surplus funds attorney for free to start your surplus fund claim right away; delay can be very costly. We will contact the trustee for you and handle all the complicated paperwork to get your money back. We know that our clients have already been through a tough battle, but the good news is there is hope and you can recover your surplus funds. You are entitled to the excess proceeds and we can help you get them back. Call us today for a free consultation with an attorney.