Recently, real estate property prices have been rising rapidly in the USA. This means that sometimes there is good news for those homeowners facing eviction after foreclosure sale. Many homeowners do not know that they can recoup any equity in their property after foreclosure eviction proceedings. After a prior owner loses a property in foreclosure, if the house sold for more than what was owed, any amount left over must be returned to them.
With values rising, it has once again become common to build an equity in your home. During a foreclosure sale, if it is evident that bidders have bid an amount higher than the balance of the loan, plus any arrears and fees, it becomes possible to claim the surplus. In that case, you are entitled for getting back the excess amount which is raised from the foreclosure auction.
According to foreclosure laws in California, people who have built equity in their homes cannot be stripped of that equity through a foreclosure sale. Rather, the surplus sale proceeds must be given to defaulters by a sale trustee. The trustee is required to inform the borrower about the surplus amount that remains after the auction and the trustee must issue a check to the borrower in the time provided under the applicable statute.
Benefits You can Draw From Surplus Sale Fund
If you face eviction after a foreclosure sale, you are still entitled to any surplus funds that remain. A real estate attorney can help you to fight eviction and get back your lost equity.
Avoid Technical Delays By Hiring A Real Estate Lawyer
In some cases, your lender will not disclose the exact amount of surplus funds. By hiring a real estate attorney, any legal issues can efficiently be handled for claiming your funds. A real estate lawyer will calculate factors like penalties etc. and will also calculate the surplus fund amount to ensure that your full claim is returned.
A Real Estate Lawyer Will Save Time and Streamline Lengthy Legal Procedures
A real estate lawyer will handle all necessary filings on your behalf for making a claim against the trustee who conducted the auction sale. Adhering to legal procedures, a trustee will be required to issue a surplus fund check in the time proscribed.
Call us today and let our real estate attorneys help with foreclosure surplus fund recovery.