FAQs

FAQ's

Questions and Answers about the Foreclosure Refund Process

What are Excess Proceeds for a Foreclosure Refund?

Simply put, when a property is sold at foreclosure auction,trustee’s sale or sheriff’s sale, the amount of money paid by the winning bidder over and above the outstanding mortgage balance or judgement and other expenses is considered excess proceeds. SIMPLIFIED EXAMPLE: A property with an outstanding mortgage balance of $125,000 sells at trustee sale for $175,000. The winning bid is $50,000 above the mortgage balance, therefore there could be $50,000 excess proceeds from the sale. The actual amount of the excess proceeds is dependent on many things, such as loan position, liens, judgments, expenses, etc. Please note that it is best to speak with us directly regarding the complexities of sheriff sale excess proceeds.

Is the excess proceeds claim process difficult?

The excess proceeds claim process can be difficult and time consuming. The claim process is not as simple as walking into the appropriate government office, showing an ID and getting a check on the spot!It is beneficial to use a firm like ours that specialize in the excess proceeds claim process. We handle paperwork, filing deadlines, title searches and navigate the complexities and pitfalls of the excess proceeds claim process.

Are there excess proceeds from my foreclosure?

You may have excess proceeds due to you if your property sold at foreclosure auction for more than your mortgage balances.You may be able to visit the government agency website in your jurisdiction that handles excess funds.We would be able to determine the possibility of excess funds in your case if you can provide certain information regarding your foreclosure. Please contact us directly.

What does it cost to claim excess proceeds?

Our excess proceeds recovery fees vary from state to state and case by case.We are happy to discuss with you our fees and any other expenses that are typically involved in an excess proceeds claim. Please contact us directly.

Do I need an Attorney?

The law does not require that you have an attorney, however, strict statutes govern the process for obtaining excess proceeds after foreclosure. Failing to “cross a single T” or “dot a single I” could prevent you from obtaining the excess funds that you are entitled to receive — even completing the application for release of excess proceeds of sale can be extremely confusing. Is there any limitation on when I can get the money? Timing is very important. If you wait, you could lose your claim to the funds.

How long does it take to get my money?

The typical excess proceeds claim process can take 6 to 12 months from beginning to final payment.If you need access to your money sooner, we offer advanced funding and assignments to excess proceeds cases that qualify.

Is there any limitation on when I can get the money?

Timing is very important. If you wait, you could lose your claim to the funds. Depending on your county and state unclaimed funds will become government property if not claimed in some cases in as little as 6-months after the foreclosure.

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