Recovering Foreclosure Sale Funds FAQ
Recovering Foreclosure Sale Funds FAQ
What Happens After a Foreclosure Sale?
If you have unpaid debts on your home, such as a lien from a lawsuit, unpaid property taxes, a mechanic’s lien from unpaid contractors, or an unpaid mortgage, you may face the foreclosure and sale of your home. When this happens, the lien holder will sell your home to the highest bidder to pay your unpaid mortgage, taxes, or other debts. But in many cases, money will still be left over from the foreclosure sale after satisfying your debts.
How Can I Claim the Excess Money from a Foreclosure Sale?
If the foreclosure sale of your home generated more than $25 in excess funds, you might be entitled to the excess money. However, you will only have two years from the date of the sale to do so. While the trustee or court officer handling the foreclosure has a duty to notify you of any excess funds from the sale, they’ll send this notice to your last known address. This is often the foreclosed home where you no longer live. Sometimes recovering these funds can take years if you aren’t familiar with the process and the courts.
What Can a Surplus Funds Recovery Lawyer Do for Me?
If you’re facing the foreclosure of your home for any reason, it’s stressful and often heartbreaking. You shouldn’t have to worry about tracking down the excess money generated from the sale of your home on top of everything else. A skilled surplus funds recovery lawyer can handle the process, ensuring you get your money as quickly and efficiently as possible. If you didn’t receive a notice, your attorney can research whether there were excess funds and whether you’re entitled to them and ensure you don’t miss the deadline to recover them.
You Need an Experienced Surplus Funds Recovery Attorney
If you’re going through a tax foreclosure sale and are concerned about recovering the excess money after the sale, you need an experienced professional by your side. The skilled team at Manfred Law can help. Call them at (713) 547-5460 or contact them online to schedule your consultation.
