FAQ
01
What are surplus funds?
Surplus funds are the money left over after a foreclosure or tax sale when the property sells for more than what was owed. For example, if you owed $150,000 on a property that sold for $200,000 at a foreclosure auction, there could be up to $50,000 in surplus funds that you may be entitled to claim.
02
Am I eligible to claim surplus funds?
You may be eligible if you were the owner of a property that was sold at a foreclosure auction or tax sale, and the sale generated more money than was needed to pay off the foreclosing lender or tax authority. Previous homeowners, heirs, and sometimes lienholders may have rights to these funds.
03
How long does the recovery process take?
The timeline varies by state and case complexity, but typically ranges from 2-6 months. Some jurisdictions process claims more quickly than others. Our team works to expedite the process as much as possible while ensuring all legal requirements are met.
04
Is this service really free upfront?
-You pay nothing upfront or out-of-pocket -We only get paid if we successfully recover your funds -Our fee is a percentage of the recovered amount -If we don't recover any money for you, you owe us nothing
05
What documents do I need to start a claim?
To begin the process, we typically need: -Proof of identity (government-issued ID) -Proof of ownership of the foreclosed property -Information about the foreclosure or tax sale -Any notices you received about the sale -Don't worry if you don't have all these documents. Our team can help gather the necessary information.
06
How much money could I be owed?
The amount varies widely depending on your property's value, the sale price, and outstanding debts. Some clients recover a few thousand dollars, while others recover tens of thousands or more. Our initial research helps determine if surplus funds exist and how much you might be entitled to.
07
Is there a time limit to claim surplus funds?
Yes, there are statutes of limitations that vary by state. Some states allow claims for several years, while others may have shorter timeframes. It's best to begin the process as soon as possible to avoid missing deadlines.
08
What happens after you verify I have surplus funds?
After verification, our process typically includes: 1.Preparing and filing the necessary legal paperwork with the court or relevant authority 2.Representing your interests in any required hearings 3.Addressing objections from other potential claimants 4.Securing the release of funds 5.Distributing the recovered amount to you, minus our agreed-upon fee
09
Why shouldn't I just file a claim myself?
While you can file a claim yourself, the process is often complex and varies by jurisdiction. It requires understanding legal procedures, preparing correct documentation, and potentially appearing in court. Our expertise helps navigate these complexities, potentially maximize your recovery amount, and avoid common pitfalls that could delay or reduce your claim.
10
What if there are other lienholders on my property?
Other lienholders (such as second mortgages, judgment creditors, or tax liens) may have a claim to portions of the surplus funds. Part of our process involves identifying all potential claimants and determining the priority order for distribution according to state law.