What Are Surplus Funds?
Surplus funds are the remaining funds left over after a property is sold at a foreclosure or tax sale for more than the amount owed on the mortgage, taxes, or other liens. In many cases, the former property owner may still be legally entitled to claim these funds through the appropriate court or county process.
Who Is Entitled to Claim Surplus Funds?
In many situations, the former homeowner may be entitled to claim surplus funds. However, other parties such as lien holders, second mortgage holders, or creditors may also have a legal claim depending on the circumstances. Each case must be reviewed individually to determine eligibility.
How Long Do I Have to Claim Surplus Funds?
The amount of time available to claim surplus funds varies depending on the state, county, and court procedures. Some jurisdictions allow several years to file a claim, while others may have shorter deadlines. Because these time limits vary, it is important to review the case as soon as possible.
Do I Need an Attorney to Claim Surplus Funds?
In many cases, individuals are allowed to file a claim for surplus funds themselves. However, the process may involve legal documentation, court filings, and verification of ownership. Some individuals choose to work with a professional service or consult with a licensed attorney to assist with the process.
How Much Does It Cost to Use Your Service?
Russo Asset Recovery Group works on a contingency basis. This means there are no upfront fees for our services. We only receive payment if surplus funds are successfully recovered for an eligible client.