How Long Will It Take to Get Excess Proceeds from a Foreclosure Sale?

When you’re facing the loss of your home or property through foreclosure, it can be stressful for your family and finances. Once your home is sold and the liens on your home are paid off, you’re entitled to any excess proceeds. But to recover that leftover money, you must follow the procedures the law and the courts set up. A lawyer experienced in handling the recovery of excess foreclosure funds can help.

What Happens After Foreclosure

After the foreclosure of your home, the court will order the sale to the highest bidder. The sale will go to paying off any liens on your home and the costs of foreclosing on and selling your home. If there is more than $25 left, you are entitled to the excess money, and you’ll have two years to petition the court for these funds.

How Long Will It Take to Recover the Money?

Once you petition the court to recover your excess proceeds, the average time to recover excess proceeds is typically 90 to 120 days. However, more complicated claims take more time. Your claim may be simple to process if:

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• The previous owner is still living,
• There was only one property owner,
• There are no additional claims on the funds, and
• There are no additional liens on your property.

If the previous property owner is deceased or there are competing claims, getting the money in your bank account may take longer. When you need the funds as soon as possible, you need an experienced attorney to make the process happen as quickly as possible.

How Can a Surplus Funds Recovery Lawyer Help Me?

When you’re going through the foreclosure of your home or property, ensuring your rights are protected and that you get the funds you’re entitled to can be challenging. That’s why you need an experienced surplus funds recovery lawyer to guide you through the process. The team at Manfred Law can help resolve this for you quickly and efficiently. Call them at (713) 547-5460 or contact them online to schedule your consultation.