What to Expect When You Hire a Surplus Funds Recovery Lawyer
Have you fallen behind on your mortgage payments? Is foreclosure imminent?
If so, then you’ve already got enough pressure and stress in your life. You don’t need the hassle of ensuring you’re provided with the surplus funds you’re entitled to.
What are surplus funds, and how can a lawyer help? Find out all the answers below.
What Are Surplus Funds? Am I Entitled to Them?
In foreclosure situations, your home often gets auctioned off to the highest bidder. Sometimes, the house gets sold for more money than the liens against it. This extra money’s called foreclosure surplus funds.
So, are you (the homeowner) entitled to these surplus funds? Here’s how to know — did your property sell for more than what you owed to lenders?
If the answer is yes, then it’s important to figure out if you’re entitled.
The number one reason people don’t get these funds is because they aren’t aware of them. You can recover these funds, but you may need an attorney’s help. Learn more about the process below.
Do You Need Legal Representation?
The Mortgage Bankers Association reports one out of 200 homes gets foreclosed upon. While your situation isn’t ideal, you’re not alone.
Thousands of families go through the foreclosure process, but there’s help available. So, what are surplus fund attorneys, and how can they help? Here are a few advantages of hiring an attorney:
- They’ll help you fill out and file the proper paperwork
- They’ll ensure you take action before your claim expires
- They’ll help monitor your home’s auction
Hiring a lawyer for this process isn’t required. You can research how to claim foreclosure overages on your own. But, having an attorney on your side is a huge advantage.
What to Expect From Your Lawyer
So, how exactly does the surplus funds process work? What should you expect from your lawyer?
During your first consultation, you and your attorney will discuss your circumstances. You’ll learn what to expect.
After your home gets foreclosed upon, it’ll go to auction. Most auctions take place online, and the transactions are fast. You’ll get notified about any excess proceeds, but the mail will go to your old address.
To ensure this doesn’t happen, leave a forwarding address so you’ll get notified. This important notification will include information on how to access your funds.
If you didn’t receive a notification, then an attorney can research what happened. They can help you determine whether surplus funds exist and how to access them.
Next, you’ll need to file a petition for the excess proceeds. You have a limited time frame to file or you’ll lose the funds by default.
Finding the Right Surplus Funds Lawyer For You
Now that you know what you’re entitled to and what to expect, you can pursue your rightful funds. The process won’t be easy, but it’ll be worth it.
Are you currently wondering how to navigate the surplus funds procedure? Are you looking for legal representation in Houston? If so, then reach out to Manfred Sterberg and Associates on our online form now.