How to Claim Surplus Funds from Foreclosure (Step by Step Tutorial)

[@ShannonClark-r2j]

Why Doesn't the state do the right thing and give the money back without having to get lawyers involved? In 2008, when I lost my home the Mortgage person told me I didn't have a right to the surplus money. It always struck me as wrong. The Surplus didn't even get applied to the 2nd Mortgage. I had to pay that off in full while the first company kept everything above and beyond what I owed. Now I find out that they may have an account with that money just sitting there, but I probably need a lawyer to help me and It might not even be there anymore because it has been so long. This sounds like intentional negligence and corruption on part of the County/State/Mortgage company.

[@joshuastark9267]

You are absolutely right, the money should immediately go back to the homeowner. This is out and out theft. I just looked in my state, and they only give you 30 days to claim the money, EVEN IF YOU DID KNOW ABOUT IT!! Imagine you just lost your home and they expect you to get it together in 30 days (I'm in NY by the way) Other states give you up to 3 years!! Someone should bring this travesty to light, I plan to call my congresswoman!!

[@dranamarie]

Sue them

[@user-yg9hy8ne6h]

it depends on what state you are in. not 100% positive but I believe I read the longest that states will hold onto money is 3 years. then it goes into the counties pocket. No they don't have to tell us about the extra funds because they get to keep it. Every state has their own laws tho so maybe google what "happens to surplus funds" in your state. One wonders why the mortgage person would've even butted in, as they don't get the money. Unless they bought it back? So sorry the B$@%#rds kept your money.

[@kulecter99]

In some (most) states foreclosure info is public information. Consider calling the Trust funds unit of your state and give them your docket number or address and ask if they can tell you if there are surplus funds. You might be able to do a claim for your money. Also, review the unclaimed funds for your state. Search your name.

[@danielhoward4566]

@@dranamarie Who would you sue?

[@LOTBoxTV-xw1bq]

Is there a statute of limitations on claiming funds?

[@hanako]

Yes. Many jurisdictions it is 2 years but it can vary by state and county.

[@johnd9279]

The owner of the foreclosed home died 3 years ago, The bank is just now getting around to the foreclosure. No probate was done, so all the other than mortgage estate debt is unknown to the foreclosure process, So there could be a surplus but other debt, the same debt that may have been handled by probate, is still out there, Can a heir file a claim?

[@armoryourcastle]

I found one in my area with the same issues! The owners both passed away and the obituary shows the names of the kids and it has been 2 years and no one has claimed it. I would have to play detective to find them and figure out if there was a will or any trust. Do I contact a trust company to find out where the ownership lies and how to contact them? I would like to get an answer to this one!

[@CALGroupPC]

The heirs of the title holder can file a claim for any surplus. However, the foreclosure trustee will have more information about the claim process and the requirements for disbursement (if there are any surplus sale proceeds).

[@KATHIEMATA_KWREALTOR]

Can we collet in Minnesota

[@harryhakobian418]

Does your firm work with a Surplus funds locator? If yes, I'm eager to work with your firm on a contingent basis. Thanks.

[@pdubstuff]

What if you are deceased, does the surplus go to the heirs?

[@kirkwebmaster879]

Yes, it does.

[@gretakaveny4407]

What state or counties do you handle is there mortgage overages in the state of Colorado and you work with people that look for surplus funds

[@CALGroupPC]

Hi Greta. For surplus funds, we work in the State of California in all counties. For any state outside of California, there are agents that help to recover surplus funds. You can visit the NACA website to find a lawyer in other states: www.consumeradvocates.org/findanattorney/ Hope that helps!

[@gretakaveny4407]

Do you work with finders

[@guesswho3133]

So what if I bought a house for $75k put new windows in it for roughly $20k and made payments on my house for 14 years, but then lost my job due to injury and couldn't make my payments, so the lender foreclosed and sold my house for $175k when I had made all those payments? Do those payments made count towards the loan add more to the surplus of that property, or is it only what I paid when I bought vs. when it was sold after foreclosure?

[@CALGroupPC]

Thanks for your question. The calculation for surplus funds is the amount of the sale price vs. the amount owed for the loan (along with any fees associated with the foreclosure and any other liens on title). Your improvements and the money you paid for the windows are not recoverable in addition to any surplus. Hope that helps!

[@guesswho3133]

@@CALGroupPC Thank you. The judgement that the lender was awarded was approximately $120k, foreclosure court costs of approximately $300, left the balance of approximately $54k and change. I was given an offer for an 80% and 20% from an LLC investment firm with a $2k cash earnest payment up front for my signature to allow them the right to proceed and give me 80% back, minus the $2k earnest payment, and it looked straight to me, but I haven't signed anything yet.

[@curtisthomas3598]

What about the appraisal value/equity. Isn't that considered surplus?

[@CALGroupPC]

The calculation for equity is based on the following: Auction sale price - Liens/Loans owed The appraised value does not apply in the surplus fund calculation.

[@PepeSi7via]

Where is the database of the unclaimed owners. How do I find out if I am on it and the overage value?

[@leonardboyer7601]

There is no database of unclaimed owners. You mean unclaimed funds. You need to contact a real licensed mortgage foreclosure defense attorney to handle this matter.

[@gracielagarcia8449]

Is this for California?

[@ActionAnDyDiGitaL]

Hello I have a asset group business can I use your law firm to approve our documents ?

[@derrickwooten5329]

Hey what happens to the funds in the event of the homeowner not filing for the funds???? Where does the money go?

[@CALGroupPC]

Thanks for your question, Derrick. In general, unclaimed surplus funds are deposited into the court account and held for a defined period of time. It depends on the state and county where the home is located to determine exactly where the funds are being held and for how long. Our firm does the research to determine where and when funds are deposited after a foreclosure sale in the state of California. We may be able to help you if your home was sold in California. I hope that helps.

[@joshuastark9267]

If it isn't claimed in the allotted time, the government keeps it and wastes it on nonsense!!

[@Youtubesucks777]

The state

[@trevadacheff4093]

I need help for surpluses in Arkansas Harrison Arkansas

[@azlenny54]

Your video is partially correct and it is far from being as simple as you make it out to be. Only an attorney that is licensed in the state where the house was sold at foreclosure action. You fail to mention that all possible creditors must be notified. You also omitted that your video is legal information, not legal advice!

[@leonardboyer7601]

@Dr.308 It is very complex and you need to retain a licensed mortgage foreclosure defense attorney in your state to handle this process.

[@carlosferdinand9047]

Yes we agree

[@InvexProperties]

if only you weren't too good to work with 3rd parties.

[@AngellaMyers-u5r]

I don’t understand this reply???

[@extragramshawtymayorfinty5556]

I’d like to do a consultation. To start business

[@CALGroupPC]

If your home was sold in a foreclosure sale recently, we can help. Call us today at [phone] to get help claiming your surplus funds. We'll help you find out how much surplus you have and how to claim them (for free!).

[@SLGreen979]

Do you guys work with recovery specialists who find the claimants and need help filing in states like Texas ?

[@shelliegodschild]

You can help for any state

[@CALGroupPC]

@@shelliegodschild We currently help homeowners claim surplus funds in California but are able to refer out-of-state callers.

[@Kevin-pw2ws]

@@CALGroupPC Do you know anyone in ohio, arkansas or missouri? I know people in each of those states.

[@AngellaMyers-u5r]

What about the overcharges?