Excess Funds Recovery Services
What are Excess Funds?
Excess funds are the monies that are remaining when a foreclosed or seized property is sold at auction for more than the debt owed. The money generated from the sale is used to pay off either a tax lien or mortgage. A homeowner may lose their home if they cannot keep up with mortgage payments or they need to pay back taxes owed on their home. When this happens, homeowners can lose their homes in a public auction where foreclosed properties are sold to the highest bidder. These auctions are known as a tax sale, sheriff's sale, or a mortgage foreclosure sale.
Who can claim excess funds after the sale?
Any extra funds from a tax or mortgage foreclosure sale are subject to priority claims. This means that those persons/parties with a superior right may recover the funds. This can be tricky to figure out as there could be many parties possibly involved: The previous property owner at the time of the sale, The record owner of each security deed affecting the property, or Any other party having any recorded equity interest or claim in the property at the time of the sale.
The good news is that the government or lender can only take what it is owed to them in back taxes (and any required fees or penalties, of course). We Can Help navigate this research.
If you were the record owner of property sold at a tax sale or mortgage sale, we may be able to help you recover the money that is owed to you.
If there is money that you are legally entitled to, we will help you find it and recover it.
Contact us today!