WHAT DOES YOUR COMPANY DO?
We, The Foreclosure Recovery Professionals specialize in working with homeowners who lost their properties to foreclosure to find and recover excess or surplus funds resulting from the foreclosure sale.
WHAT IS SURPLUS/EXCESS FUNDS?
If the property sells in auction for more than what is owed, those funds are called “overages”, “excess” or “surplus funds”. When a property is delinquent on debt or seized, it is put up for auction. Examples of these auctions are foreclosures which include club foreclosures, homeowner associations, mortgage foreclosures, or tax deed sales. Either way, when the property is sold, it often sells for more than the debt amount it was foreclosed on. These excess or surplus funds that are created belong to the original homeowner or heirs of the original homeowner.
AM I ENTITLED TO THOSE SURPLUS FUNDS?
There may be excess or surplus funds created from a property auction or sale and by state law, that surplus funds belong to the homeowner or their legal heirs – NOT to the entity foreclosing. However, there are strict deadlines set by each state for the recovery of these funds otherwise the funds will be confiscated by the state or local governments.
HOW MUCH IS MY EXCESS FUND?
Also referred to as “Surplus Funds” – is the excess amount when a property is sold more than the real estate taxes owed or the foreclosing mortgage loan amount.
SAMPLE COMPUTATION
STEPS IN RECOVERING EXCESS FUNDS:
STEP 1: RESEARCH – our team of Recovery Professionals will conduct an extensive research on how much available excess funds are possibly available for you to recover.
STEP 2: SIGN A CONTRACT – this allows our organization to legally represent you throughout the recovery process – acting in your best interest at all times.
STEP 3: COORDINATE – our Recovery Professionals will now start coordinating with all legal parties involved. From county clerks, judges, attorneys and/or other parties who have the interest in the excess funds. We will file the claim on your behalf and organize all the legal documents needed so you don’t miss a single deadline.
STEP 4: FUND RECOVERY – upon the clerk’s/judge’s decision to disburse the claim, receipt of the funds in our office and cleared in our accounts – we will contact you (and all legal heirs – in case of deceased homeowner). Your excess funds will either be sent via automated clearing house (ACH) or through an overnight check. Please note that our service fee and other charges that we may have incurred during the recovery process will be deducted.
SAMPLE COMPUTATION
** County Clerk may deduct the following from the Excess Funds (if any):
– Property unpaid taxes
– Unpaid mortgages, subordinate liens and/or other debts
** Other possible additional charges (if any):
– County Clerk fees
– Notary fees
– Filing fees
– Attorney fees
– Miscellaneous fees (postage or priority mail charges)
WHERE ARE THE FUNDS FROM?
The funds are created or come from the sale of a property that is auctioned and it sells for more than it is owed to the creditor or mortgagee.
WHERE IS MY CLAIM BEING HELD AND HOW MUCH IS IT?
Most claims are held at the county level but the exact amount of your surplus claim will not be known until all debts, claimants, and fees have been repaid.
WHY WORK WITH US?
The Foreclosure Recovery Professionals is the right choice for the following reasons:
● WITH SEVERAL YEARS OF EXPERIENCE IN THE REAL ESTATE BUSINESS, our team of Foreclosure Recovery Professionals have the right knowledge in successfully recovering the funds that are rightfully yours. From state laws, documentations and direct coordination with the involved parties
● NO UPFRONT FEES. Upon deciding to work with us, there is no cost for you to pay until we successfully recover your excess funds. We will initially cover the payments needed for the attorneys, filing fees and other charges that may incur during the recovery process.
HOW MUCH IS YOUR SERVICE FEE?
We charge a nominal fee, generally starting at $2,000. This fee covers all the hours we will be working, our knowledge, and the expertise needed to successfully recover your excess funds.
IN WHAT AREAS DO YOU WORK?
We work all across the United States – wherever there are surplus funds to recover for individuals and families like yours.
HOW MUCH TIME DO I HAVE TO CLAIM MY SURPLUS FUNDS?
Every state and county has its own time frames that you must follow in order to claim your surplus or excess funds. It can take as little as 10 days and as long as 90 days to arrive from the date of submission, depending on the institution and the nature of the claim.
I AM NOT THE OWNER ON THE RECORD, CAN I CLAIM THE FUNDS?
If you are NOT the registered owner, rest assured we will work to identify your eligibility to receive the surplus funds via state and local laws. Most states have a clearly defined set of rules to identify possible heirs who could be entitled to receive the funds. So, if you’re an heir to the registered property’s owner and the owner of the property is deceased, you’ll be entitled to a portion or the entirety of the surplus funds.
CAN I COLLECT THESE FUNDS ON MY OWN?
Yes, in most states you can file the claim yourself or hire an attorney to work with you to make the claim. However, doing it yourself will require extensive knowledge and understanding of real estate and state and county laws.
Hiring an attorney is an option; most will require they get paid hourly, in advance, and regardless of what you may recover.
WHY DO I NEED TO USE YOUR COMPANY TO FIND MY MONEY?
Working with us, The Foreclosure Recovery Professionals, there are several advantages:
● NO cost to you unless we recover the funds.
● Our team is trained and knowledgeable in various state laws and regulations which is a great advantage in successfully claiming surplus funds.
● We only get paid once the surplus funds are recovered. We are a team; we take on all the work for your benefit.
HOW DO I START THE RECOVERY PROCESS?
You can call or email us. Our trained staff will reach out to you to discuss your situation and decide what the next steps will be. Once we have identified who you are and what your claim may be, we will work to create the necessary documents and authorizations for us to start the recovery process.