Homeowners who are going through foreclosure are overcome by stress and financial burden due to the potential loss of any remaining equity in their home. Fortunately, Get Liquid Funding has a solution to help homeowners in Florida regain some of their investment. Through foreclosure surplus recovery, homeowners can reclaim any remaining equity in their home that is left after the foreclosure sale. Read on to learn more about foreclosure surplus funds and if you are entitled to one. If you need further assistance, contact us today, and one of our specialists will speak with you right away.
What is Foreclosure Surplus Recovery
When foreclosure surplus recovery occurs property is sold for more than the amount owed on the mortgage, taxes or to the homeowner’s association. Once the property is sold, the excess funds after foreclosure are typically held by the court until the former homeowner claims them. In many cases, but not all, the former homeowner is entitled to surplus funds, which can be used to pay off debts or rebuild finances.
The Benefits of Foreclosure Surplus Recovery
There are several benefits of foreclosure surplus recovery as it can bring light to a difficult situation. For instance, it can help homeowners recover faster financially by recouping some of the equity they had in their homes. It can also be a source of motivation for homeowners who are struggling to keep up with mortgage payments. Knowing that they are entitled to a surplus fund can give them hope and relieve some of their financial burdens in the future.
Are you Entitled to a Surplus?
Several factors will determine whether you are entitled to a surplus and the rules of foreclosure vary by state, so seek expert counsel to make sure everything is in order. First, the amount of foreclosure surplus funds available depends on how much you owe on your mortgage, taxes or to your homeowner’s association, and what the property was sold for. If the property is sold for more than what you owe, you may be entitled to surplus funds.
Another factor to consider is if you have any claims against the property. These claims are called liens and may be entitled to collect a portion of the surplus. Once the lien holders are paid, if they are entitled, taxes owed to the county are considered. If you still owe property taxes those must be paid first before becoming eligible for the foreclosure surplus funds.
How to Get Foreclosure Surplus
If you want to claim foreclosure surplus funds in Florida, it typically takes 30 to 45 days to receive the funds from the day the county approves the funds for release to the appropriate entitled party. This can take longer if your property had claims or liens as they must be paid off before you receive foreclosure funds.
You should work with experts like Get Liquid Funding to ensure you receive as much of the surplus as you are entitled to. Once the auction is finished you should acquire notice of the surplus, but acting fast is crucial because there is a narrow window to claim foreclosure surplus funds.
Once you receive your notice, go to the trustee or court with documents that show proof of prior ownership and provide verification of funds to prove you are owed a surplus. Abiding by the proper process is imperative because failure to do so can result in loss of surplus funds.
Foreclosure surplus recovery can relieve the financial burdens of homeowners and has proven to be a valuable resource as you pay off debt. By working with Get Liquid Funding, a foreclosure service in Florida, homeowners may be able to recover surplus funds that can help them get back on their feet. Although the process can be complex, the benefits are significant, making a negative situation into a positive one. Read some of our success stories and know you are not alone!
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