What is the Definition of a Tax or Mortgage Surplus?
The property that is foreclosed will be placed on auction for public access. In an instance where the sale price is higher than that owed to the foreclosing bodies, this is available as surplus funds. Once creditors and third parties have issued court requests for their claims, the outstanding amount may be eligible to be claimed by the original property owner. You cannot rely on a notice to be issued by the court, government, or similar entity. Where a single notice is delivered to the foreclosed property, not many homeowners will receive the notice.
These funds will have to be accessed by means of a court order. When the surplus remains without being claimed for a certain amount of time, it will be delivered to the state office for unclaimed funds. Once the funds are transferred to the state office, individuals who lay claim to the surplus will have to present a surplus money proceeding. This is a legal step to obtaining the necessary funds.
Will I Require a Lawyer to Access the Surplus?
No, it is essential, however, to have a professional on your side to help you navigate the process.
What is the Timeframe Within Which Surplus Funds are Issued?
The average time from the moment a claim is formally delivered to the court will include 60 to 120 days. The process is influenced by the court and the requests for specific documentation by the judge overseeing the matter. When you file a Notice of Claim, to alert the government of the claim for the surplus, you will have to wait for 30 days before the official motion can be filed. The processing of the motion will be determined by a judge who can award the surplus or appoint who is called a referee. The referee is required to create a report in which other parties may be able to claim the available funds. Once the report is examined and cleared, the surplus can be distributed to the relevant claimants.
Which Documents Do I Need to Make a Claim for Surplus Funds?
The first document is a Certificate of Money on Deposit that you can obtain from the Comptroller Office of your local municipality. The next part of the process will involve a title search for the property. This includes the period within which liens were issued before the auction of the foreclosure. It is crucial to obtain these documents. The Notice of Claim must be issued to the court along with a Certificate of Money on Deposit, and the title search is among the documents needed to facilitate the claims process. Where there is any issuing of liens, this must be included in the claim file to ensure that all procedures are followed and delays minimized. All information must be included with the motion.
Will I Have the Chance to Access Surplus on Property that Did Not Belong to Me (Property of parents)
To file a claim for surplus funds, you need to be on the title deed when the home was placed up for sale. For the executor of an estate, you can only file a claim on the part of the estate, which will then be deposited into the account of a surrogate court. These funds will not be issued to you. It will be distributed among creditors with a lien against the property and then according to the heirs of a will. It is important to consult with a professional service who specializes in property surplus claims.
What Steps are Involved if I wish to Claim Surplus Funds from a Foreclosure?
· It is important to consult with a lawyer who can aid you through the claims process. The following steps are involved:
· Consult with the Comptroller Office in the County. This determines whether funds are available and requires the issuing of the Money on Deposit Certificate.
· Request a title search concerning the date the property was owned and sold.
· Visit the County Clerk and proceed to file a Notice of Claim. This will be issued on the proper along with liens.
· Allow 30 days to pass, and then a motion must be filed with the court.
· Do not miss the date for the motion hearing and abide by the steps introduced by the court.
· An Order of Reference is provided to all claimants when a referee is assigned by a judge. It is to be served by you.
· A referee report will be issued, and details concerning the surplus funds will be signed off by a judge.
· Receive a certified photocopy of the file to issue the surplus funds from your County Clerk.
· The copy must be presented to the County Comptroller.
The Process of Recovering Surplus Funds
If you need help claiming funds from a foreclosure, you have come to the right place.
Contact Our Professional Professionals for the Following Services:
· Obtain the remaining equity from your property before it was sold by the property lender.
· Obtain funds from a foreclosure recovery.
When you call on the team at Surplus Refund LLC, we are here to assist with the claims process and help you obtain the funds you deserve.
You can easily learn more about the claims process by consulting with our professional team. We have assisted many people with their claims and have made a significant difference in their lives.
Speak to the Team at Surplus Refund LLC
As dedicated professionals with years of experience in managing foreclosure recovery, we are here for you. Avoid delays, filing of incorrect paperwork and the costs of attorneys. We have the team, the skill and the expertise to facilitate the claims process and determine whether surplus funds are available, and start your excess proceeds claim.
#SurplusFunds #ExcessProceeds #Overage #Foreclosure
Comments