PODCAST · business
How To Claim Surplus Money After The Sale
by How To Claim Surplus Money After The Sale
HOW TO CLAIM SURPLUS MONEY AFTER THE SALESurplus funds after a foreclosure—also known as “excess proceeds” or “overage funds”—are the extra money left after the foreclosed property sells for more than what was owed on the mortgage, taxes, and liens. That money legally belongs to the former homeowner. Here’s how to potentially get it:🔍 Step-by-Step: How to Claim Surplus Funds After Foreclosure1. Understand If Surplus ExistsWhen a property is sold at foreclosure auction, the opening bid is usually the amount owed to the lender.If bidding goes higher than that amount, the difference is surplus.Example: Mortgage owed: $150,000Home sells for: $180,000Surplus: $30,0002. Check with the Foreclosure Trustee or CourtIn judicial foreclosure states, surplus funds are typically held by the court.In non-judicial states (like Georgia), the foreclosure attorney or trustee may hold the funds.3. File a Claim for Surplus FundsYou’ll need to file a motion or claim with the court (or submit d
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ABOUT THIS SHOW
HOW TO CLAIM SURPLUS MONEY AFTER THE SALESurplus funds after a foreclosure—also known as “excess proceeds” or “overage funds”—are the extra money left after the foreclosed property sells for more than what was owed on the mortgage, taxes, and liens. That money legally belongs to the former homeowner. Here’s how to potentially get it:🔍 Step-by-Step: How to Claim Surplus Funds After Foreclosure1. Understand If Surplus ExistsWhen a property is sold at foreclosure auction, the opening bid is usually the amount owed to the lender.If bidding goes higher than that amount, the difference is surplus.Example: Mortgage owed: $150,000Home sells for: $180,000Surplus: $30,0002. Check with the Foreclosure Trustee or CourtIn judicial foreclosure states, surplus funds are typically held by the court.In non-judicial states (like Georgia), the foreclosure attorney or trustee may hold the funds.3. File a Claim for Surplus FundsYou’ll need to file a motion or claim with the court (or submit d
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How To Claim Surplus Money After The Sale
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