Frequently Asked Questions

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 Surplus funds can also be referred to as an “overage”, or “excess funds”. When a property goes into foreclosure, it sells at auction. The foreclosure may be an association foreclosure, a mortgage foreclosure, or a tax-deed foreclosure for example. In any case, when the property sells, it often times will sell for more than the amount for which it was being foreclosed on. These excess funds are called a “surplus”, and these excess funds belong to the original home-owner, or heirs to the original home-owner! 

 If you aren’t the owner of record, perhaps you’ve been identified as an heir to that person. When someone who owns property passes away, and their property goes through foreclosure, the “heirs” of that person are the rightful party to claim surplus.

Sometimes it’s as simple as a spouse’s property, or your parents. Your specialist will walk you through how exactly you are entitled to the funds, but rest assured we are experts in this and have identified you as the right party!

Legislation varies by state, and sometimes also by county.  In the state of Connecticut, this is a very narrow window of 90 days.  In most cases this is a time sensitive matter before the funds are transitioned to a government agency and your right to claim the funds expires.  Don't worry, your specialist can explain the laws in your county and state and will work with our attorneys to ensure we've thoroughly researched your claim.

In most counties and states, a judicial motion must be filed with the court system so the funds can be claimed and collected.  In order to do this, you can hire an attorney that specializes in this process on your own which is very costly.  Attorneys typically charge an hourly rate which you will have to pay out-of-pocket, even if they aren't successful.

When the claims are more complex in nature, our attorneys need to work diligently to establish you are hte rightful recipient of these funds, and to ensure that the court system orders a release of these funds by the government agency holding them.

By working with our team, all of the attorney's fees and related expenses are completely covered by us.

If you utilize our services, we will never ask you to pay us a dollar out of your pocket.  Our group will advance any and all costs and fees through this process.  We are only paid on the backend once we have secured the funds on your behalf.  This will all be spelled out in your agreement with us.

The short answer is, NO!

If the mortgage was not named in the foreclosure case, they cannot claim the surplus.  Even if they initiated the foreclosure, they can't claim the surplus because they were paid in full from the proceeds of the sale.  If they are not named, the reason why they cannot claim surplus is that they have their "senior" lien on the property; they were not foreclosed.  The person who brought it at auction bought the property with that mortgage still on the property, and so that new property owner is now responsible for that mortgage.

In other words, you are in the clear to have us claim the funds on your behalf.

In most states, there is a limit on the time you have to rightfully submit a claim to the funds.  Once that limit passes, the funds "escheat" to the state and you can no longer claim them.

If you don't want the funds, consider using our team to partner with one of our charities, or we can partner with a charity of your choosing and direct the funds to them.