HOW ASSET RECOVERY WORKS
When a property is foreclosed upon, generally because of a defaulted mortgage, it is sold at a public auction. The proceeds of the sale are used to pay the outstanding mortgage of the lender. If the price paid is more than the amount owed to the lender, the remaining funds are referred to as “Surplus Monies”.
Who is entitled to Surplus Foreclosure Funds?
In general, if no other liens or claims exist, the owner of the property which is sold at auction has the right to collect any surplus funds after foreclosure. However, if any liens or claims exist, they would have priority over the owner of the property to the surplus foreclosure funds. An experienced asset recovery specialists, we can help you navigate the sale process and ensure that all parties involved receive fair compensation. By working together, you can maximize the value of your foreclosure surplus funds as you work to get back on your feet.
How to Claim Surplus Funds from Foreclosure?
If there are excess proceeds from a mortgage foreclosure sale, they’ll be held by a trustee or deposited with the court. This gives you an opportunity to make a legal claim for the funds. The trustee or officer should send a notice of the surplus to your last known address. Unfortunately, most of the time it's to the last address on record so you are never informed. That is were we step-in, our job is to provide you a smooth process and assist you in filing this claim, we work directly with the county and can assist you in recovering these funds.
Contact us for help recovering surplus funds after a foreclosure sale in Atlanta. We can be reached at 678-332-8413