In this article, you can discover…
- How you can begin claiming surplus funds.
- Which documents you will need to claim surplus funds in Florida.
- What to do if your legal claim for surplus funds is denied.
What Are The Initial Steps To Start The Claim Process For Surplus Funds?
When your foreclosed home is auctioned off for a higher amount than what the bank was still owed, the difference is known as surplus funds, and you have a right to them as the home’s former owner. During the foreclosure process, check your local court’s dockets to see how much the home was finally auctioned for.
If you see that there are surplus funds available, reach out to a knowledgeable real estate attorney. They can help you file a claim for those funds and set a hearing with the court. This hearing will establish if you receive sole or fractional interest of those surplus funds.
Which Documents Are Essential When Applying For Surplus Funds In Florida?
Documents showing your former ownership of the property will be essential, as will documents establishing your identity. Copies of deeds, mortgage paperwork, and state-issued photo identification will all be helpful in showing that you owned or co-owned the property at the initiation of foreclosure.
What Is The Timeline For Processing Surplus Fund Claims In Florida?
You have 120 days from the foreclosure sale to file a request for surplus funds in the State of Florida. Once this request is approved by a court, you can typically have surplus funds released to you within 30 days.
What Challenges Might I Expect While Trying To Claim Surplus Funds?
When you seek to claim surplus funds, other parties may want some of those funds, too. These may include lien holders and others who are owed money. A practiced real estate attorney can help you establish that your claims to surplus funds are legally superior to theirs.
Co-owners of the home may also seek a share of the funds, especially if a home was owned by more than two people or if you and the co-owner have grown apart. In instances like this, an attorney can help you navigate the legal process and claim your due portion of these funds, as well.
Attorney Jeremy Dubyak is a caring and focused real estate lawyer serving Florida for over 10 years. He’s helped hundreds of clients claim surplus funds as well as navigate the complexities of foreclosure and the real estate market.
Seeking to claim surplus funds after a foreclosure? Or have questions about selling your home?
Reach out to The Dubyak Law Firm at (850) 266-7822 today for the right legal guidance and answers you can trust.
What Legal Recourse Would I Have If My Claim Is Denied?
If your claim to the surplus funds is valid, you have the option to appeal. Total denials of valid claims to surplus funds are rare, but an astute attorney can help you contest an unjust denial and make the case for your entitlement.
How Can A Lawyer Assist Me In Claiming Surplus Funds In Florida?
A real estate lawyer will meet with you, review documents, review case files, and make sure that the claims process is done appropriately and securely. The bank is entitled to what they’re still owed on your former home, but they’re not entitled to more than this. Why not allow an attorney to help you claim what’s yours?
A real estate attorney can also help you sell your home before the foreclosure process begins. This is ideal, as foreclosed properties are generally seen by a small number of buyers with cash and specific goals. What’s more, homes in foreclosure auctions typically sell for far less than those for sale in the real estate market. Selling your house by listing it the traditional way will almost certainly gain you more financially than surplus funds ever could.
Allowing a home to go into foreclosure if it’s worth more than what you owe on it is never the best outcome. Allow a real estate attorney to help you turn this home into an even greater profit by listing it and allowing the right buyer to pay you what it’s worth.
For more information on Claiming Surplus Funds: A Guide For Floridians, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (850) 266-7822 today.
