Surplus funds are pending or hidden fund after foreclosure that most foreclosure homeowners are not aware of. Consumer Action Law Group is a leading law firm that can guide homeowners on how to claim the lost or undisclosed surplus funds.
Los Angeles, CA, NOV 13, 2014 – Getting your Equity after Foreclosure. In the event that a home is sold as the result of foreclosure, there is often equity left for homeowners who invested in their loans for many years in the state of California.
During the foreclosure process in California, a sale trustee must deposit what is called ‘surplus funds’ into an account and then contact the prior home or property owner. These are funds that remain when the sale price at auction is more than what is owed on a mortgage. In simple terms, any equity that remains after a foreclosure sale must be returned to the prior owner.
The claim process is time-consuming and technical and often requires the assistance of a real estate attorney that has deep experience in the foreclosure process and fully understands what happens after foreclosure in California. For instance, knowing how to proceed with the trustee and the court to obtain the surplus funds.
Attorney Lauren Rode, stresses the importance of an attorney collection of surplus funds after foreclosure at Consumer Action Law Group. “You must file a pleading with the court that states how much your claim is and what you believe your priority to be.” After a set time, the court then orders who gets what. Some non-judicial states may require other actions by claimants to qualify for an excess funds disbursement, so checking with an attorney is always advised.
Surplus funds must be paid to the prior owner at the end of the sale. California surplus foreclosure funds can be recovered with the help of a real estate attorney. A real estate law firm can recover surplus foreclosure funds and even help stop an eviction. The best place to find information for claiming surplus funds after a foreclosure sale is to contact one of the real estate attorneys at ConsumerActionLawGroup.com
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