SURPLUS FUNDS

WHAT IS SURPLUS FUNDS?

“Surplus Funds” is a tax or mortgage foreclosure sale that generates more money than required to pay off the tax lien or mortgage owed to the lender or to the county or state in the case of a tax foreclosure. This overage of funds following a tax or mortgage sale is also referred to as “excess proceeds, surplus funds, overages, mortgage overages, or overbids “etc.

Let’s look at an example. Suppose you owed $25,000.00 in back taxes or mortgages. the property is sold at a public auction for $75,000. The difference of what you owed and what the property was sold for is excess surplus funds. That $50,000.00 should be returned to you after any other liens or judgments have been paid.

Well, you may ask, how come I didn’t know of this tax or foreclosure surplus overage that I’m entitled to!  Usually, when a sale generates excess surplus proceeds, the tax commissioner’s office or the trustee or whoever is the custodian of the funds, has to notify the foreclosed homeowner that these funds exist.

This is usually done within (30) thirty days of the sale. However, this notice is sent to the last known address of the foreclosed owner which, in most cases, is the foreclosed property which has already been vacated. Therefore you won’t get the notice because you no longer live where the notice was sent.

Did you experience a tax lien or a mortgage foreclosure? If so, and you were the rightful owner on record of the sale, all may NOT be lost.  YOU MAY STILL BE ENTITLED TO A RECOVERY.

We encourage you to consult with an asset recovery such as Asset Recovery Group LLC.  If we determined that money is available, we will help you find it and recover it.  We are here to serve the community who are owed excess proceeds from the tax sales or foreclosure sale of their property. There are no upfront costs to you. as we work strictly on a contingency fee basis  As we like to say no result …No fee.  It’s a win win for all.

HOW DOES IT WORK?
  • We research various databases to identify if surplus overage proceeds exist
  • We then locate and contact “you” the rightful owner and notify you of our findings
  • And with your permission, we send you all of the necessary documents to assist with filing of a claim
  • You returned the required signed paperwork, which must be notarized and returned to us.
  • If you are in an Attorney state, the documents are then submitted to our attorney for review and are filed with the appropriate government agency
  • Once the claim is submitted, we await for a response. and or an approval. This process can take between 60-120 days if there are no issues
  • The funds are sent to the attorney who sends a check to you the claimant minus our contingency fee
  • For a FREE No obligation consultation or to get started, give us a call or send us a message