Foreclosure is never a good thing, but as the housing market improves, many people are surprised to find out that they have the right to receive surplus funds after foreclosure. Prior owners are entitled to receive any equity that remains after a foreclosure sale.
Foreclosure Trustees are required to deposit any surplus funds with the court. Making claims and waiting for the check can be a time-consuming and confusing process. A foreclosure or real estate lawyer can recover the excess amount and help you if you are facing other legal challenges such as eviction.
How a Real Estate Attorney Can Help
Our foreclosure attorney will immediately take steps to get your money back after a foreclosure sale. Our attorneys offer a free consultation and let you know exactly what your claim is worth. During the free consultation period, our attorney will:
- Explain the process and the details of making a claim
- Calculate your surplus fund amount
- Estimate your timeline
How to Calculate Surplus Funds
We calculate the surplus funds from the foreclosure sale by researching the sale price, trustee fees, the balance owed to the senior lien holder, any junior liens and any other encumbrances on title. We handle the filing of all your documents and any calculations needed for deductions or disputes.
When to File a Claim for Surplus Funds
Immediately following the auction, our attorney can file documentation needed to claim the surplus funds after foreclosure. Our foreclosure attorney always keeps you informed about the process and timeline. We have seen cases of foreclosure surplus funds fraud when others come out of the woodwork to make a claim and homeowners have been deprived off their rights completely. Our foreclosure attorney will assert your claim as the prior owner and make sure that any claim for surplus funds goes to the right person.
How to Make Claims for Excessive Funds
California has clear procedures describing how to make a surplus fund claim. There are certain forms to be filed with the court and other supportive documents proving prior ownership.
Our attorneys must prove rights to these surplus funds. Our foreclosure attorney can help in handling the process entirely.
How Much Time It Takes to Get the Excess Fund
We know that our clients need the excess funds after foreclosure as soon as possible. Our real estate attorney moves aggressively to recover the surplus fund as quickly as possible. If you lost your equity in a foreclosure sale, seek the help of our foreclosure attorney today.