Assets Recovery Services

Surplus funds are the remaining money from the sale of a foreclosed property after the mortgage and other expenses have been paid off.

Surplus funds occur when the final auction price of a foreclosed property exceeds the amount owed on the mortgage and associated costs.

The former homeowner or their legal heirs are typically entitled to surplus funds after the foreclosure process. 

To claim surplus funds, you'll need to follow the procedures outlined by your state's laws, which often involve filing a claim with the court or relevant authorities.

If surplus funds are not claimed within a specified period, they may be turned over to the state's unclaimed property division or allocated to other parties involved in the foreclosure process.

Some companies may charge a fee for assisting with the surplus fund's recovery process, but it's essential to understand any agreements before proceeding.

The time-frame for receiving surplus funds can vary depending on a range of factors, including the complexity of the foreclosure process and the efficiency of the claim process.

Surplus funds are typically intended to benefit the former homeowner and are not automatically allocated to satisfy other debts. However, it's essential to consult with legal and financial professionals for guidance on managing surplus funds responsibly.

In cases where multiple parties claim entitlement to surplus funds, the court may need to adjudicate and determine the rightful recipient based on relevant laws and documentation.

The surplus recovery process in the U.S. after a foreclosure sale can vary in length depending on the complexity of the case. Generally, it takes anywhere from 90 to 120 days on the simpler end, but it can take much longer.