What Are Surplus Funds?

Greetings! Ever wonder what happens to leftover money after a property is sold in a foreclosure auction? Well, that’s what we call Surplus Funds. Basically, it’s the extra cash left over after all the necessary payments from the sale have been made. 💰

So, let’s say a house was sold for more than what was owed in the foreclosure. The extra money, or surplus, stays with the court until it’s claimed. And guess who usually gets first right to that money? The person who used to own the house before it was foreclosed. 🏠 YES! YOU READ THAT RIGHT …

Now, how does this extra money happen? It’s because sometimes people bidding at the auction offer more than what the court said the house was worth. That extra cash becomes surplus. 💸

For example, Mr. Jones house was sold at auction for taxes owed to the County in the amount of $20,000. The property is sold at a foreclosure sale, and a third party bids and pays $150,000 for the property. In that situation, the County would be paid the first $20,000.  But what happens with the remaining $130,000.00? … The remaining $130,000 is due to Mr. Jones (the owner of the property when it was forclosed on) less any other liens on the property at the time of forclosure.

If you’re a former homeowner in Florida and think there might be Surplus Funds from the sale of your former home, give us a call! It’s important to be careful and talk to a team of professionals to assist you with your claim. ⚠️ We charge NO upfront fees for this service. We’ll chat for free and figure out if there’s any cash waiting for you.

Our team of Researchers, Real Estate Agents, Attorneys and Mobile Notaries at Prep To Own Asset Recovery knows all about Surplus Funds and we’re here to help you get what is rightfully due to you and your family. ☎️

What if no one claims the Surplus Funds after Foreclosure?

Once the Surplus Funds are deposited with the Court, the monies remain there until someone claims them. If, after certain number of days, no one has claimed the Surplus Funds, then the County Clerk turns it over to Floida State as abandoned property.

Have questions about Surplus Funds from Foreclosure? 

Enduring your home being foreclosed on is a difficult process, but potentially obtaining Surplus Funds from foreclosure may help soften the blow. We offer complimentary consultations and pay all legal fees associated with your claim. Please give us a call at (813) 669-7144 or fill out the form below.

Got questions? Just ask! We’re here to make things as easy as possible for you. 😊

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Categories: Asset Recovery