In this article, you can discover…
- When you may be entitled to surplus funds after a foreclosure.
- How to find out if there are surplus funds you can claim after a foreclosure.
- The amount of time you have to claim surplus funds in the State of Florida.
What Are Surplus Funds In The Context Of Florida Foreclosures?
Surplus funds are funds that are left over after a court-ordered foreclosure. Say you’re in the middle of foreclosure and still owe a bank $100,000 on your home. The bank forecloses and auctions your home off for $150,000, meaning that there are now $50,000 in surplus funds.
These kinds of situations are common when home values have risen dramatically since you purchased your home, and you are now entitled to this extra amount. This extra amount, however, can also be sought by creditors and by the bank itself in an attempt to recoup all of their losses, so it’s important to understand how to claim surplus funds efficiently and securely.
Who Is Eligible To Claim Surplus Funds After A Foreclosure Sale In Florida?
The person or persons who are the recorded owners of the property at the time of foreclosure are entitled to claim surplus funds in Florida. Whether or not all property owners signed the initial note on the foreclosed mortgage, they would still be entitled to these funds as property owners.
For example, if you and your spouse own a home together but only your spouse signed the mortgage note, both of you would still be eligible for surplus funds after the foreclosure auction.
Attorney Jeremy Dubyak is a hard-working, tireless real estate lawyer serving the State of Florida for over 10 years. He’s helped dozens of clients just like you reclaim surplus monies they’re owed and navigate the foreclosure process with greater ease.
Have questions about possible surplus funds after a foreclosure? Contact The Dubyak Law Firm at (850) 266-7822 for an initial consultation today.
How Can I Find Out If There Are Surplus Funds I’m Entitled To From A Foreclosed Property?
Keep a careful eye on updates related to the foreclosure of your former property. A final judgment will be issued by the court before the foreclosure sale, which allows you to see how much money is still owed on the home.
After the foreclosure sale has been completed a clerk issues a certificate of sale showing how much money was generated during that auctioning process. Be sure to check your local court’s dockets to stay up to date on this information.
If the final sale number is greater than what was still owed to the bank, this difference makes up your surplus funds. Your next step would be to claim those funds within the allotted window.
How Long Do I Have To Claim Surplus Funds After A Foreclosure?
The State of Florida gives you only 120 days to file a request for surplus funds. It’s important for you to act quickly on this, as banks are likely to move in on that dollar amount if swift legal action isn’t taken.
What Steps Should I Take To Legally Claim Surplus Funds?
Give a practiced and attentive real estate attorney a call. Keep an eye on the foreclosure auction process, and reach out to an attorney to help you with the next legal steps should surplus funds be available.
You are legally entitled to that money as the home’s former owner, and a real estate attorney will help you fill out all needed paperwork and go to court to recover those funds. Don’t allow the banks to swallow up what could be a significant amount of money; take action today and reach out to The Dubyak Law Firm to claim what’s yours.
For more information on Understanding And Claiming Surplus Funds In Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (850) 266-7822 today.
