Over the past decade, North Carolina has consistently recorded one of the nation's highest foreclosure rates. A surge in both tax and lender foreclosures in 2022 marked a significant departure from pre-pandemic years. This spike was largely due to the expiration of the COVID-19 foreclosure moratorium, which had temporarily paused foreclosures in 2020 and 2021. Even with the moratorium factored in, foreclosure rates remain notably higher than in prior years.
Simultaneously, real estate values climbed at an unprecedented pace during the same period. This rise in property values has resulted in foreclosure sale prices frequently exceeding the amount owed on the debt—creating what is known under North Carolina law as "surplus funds."
What Are Surplus Funds?
Surplus funds represent the excess proceeds from a foreclosure sale after the debt has been satisfied. For property owners, this money can be a financial lifeline. However, accessing these funds is often a complex and time-sensitive process.
Who Owns the Surplus Funds?
In straightforward foreclosure cases, the surplus funds are typically distributed to the property owner. However, in situations where the ownership is unclear—such as cases involving deceased owners or disputed property titles—North Carolina General Statute § 45-21.31 mandates that the funds be deposited with the county clerk of court.
At Surplus Refund LLC, we specialize in navigating these complexities. Our team helps rightful owners claim their surplus funds with ease and efficiency.
Claiming surplus funds in North Carolina requires filing a Petition for Surplus Funds with the clerk of the superior court in the county where the foreclosure occurred. This petition must clearly outline the claimant’s legal right to the funds and often includes the following:
Identification of Claimants: Determining rightful ownership is critical. This can involve individual property owners, heirs of a deceased owner, business partners, or creditors.
Legal Documentation: Proper documentation, such as an affidavit of title, must accompany the petition.
Service of Process: All potential claimants must be notified and served, ensuring the claim is uncontested.
Our experienced team ensures all these steps are handled accurately, reducing delays and increasing the likelihood of a successful claim.
Why Choose Surplus Refund LLC?
Navigating the surplus recovery process can be overwhelming, especially when legal complexities arise. Surplus Refund LLC provides tailored services to ensure your claim is filed correctly and efficiently. Here’s how we help:
Expert Claim Preparation: From drafting petitions to calculating ownership percentages, we handle every detail.
Comprehensive Document Management: We assist with affidavits, legal descriptions, and authenticated exhibits to strengthen your claim.
Efficient Service of Process: We ensure all parties are properly notified, avoiding delays caused by procedural errors.
Hearing Representation: Our team prepares you for the hearing process and advocates for your rightful claim.
Avoiding Common Pitfalls
Many surplus claims fail due to errors in service of process, insufficient documentation, or incomplete petitions. Our expertise minimizes these risks, ensuring that your claim is both credible and comprehensive. Whether you are the sole claimant or one of multiple parties, Surplus Refund LLC simplifies the process and maximizes your chances of success.
Let Surplus Refund LLC Help You Claim What’s Rightfully Yours
If you believe you are entitled to surplus funds, don’t let the complexity of the process stand in your way. With our proven strategies and deep understanding of North Carolina’s surplus laws, Surplus Refund LLC is your trusted partner in recovering the funds you deserve.
Contact us today to get started on your claim. Together, we’ll turn this challenging process into a rewarding outcome!
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