Search

Find Out More

When a property is foreclosed, it can result in excess proceeds. Excess funds are generated when the sale of this type at auction yields more money than what's owed to lenders or governments for tax-foreclosure auctions.


The government must notify you of any overage funds that have resulted from the auction of your home. The money from its sale is used to satisfy your debts and the remaining surplus must be returned to YOU. You may have heard stories about people getting stuck with a huge amount of debt after their homes were foreclosed- but this is not always the case.


Any amount over the balance you owed must be disbursed to you the previous home owner, minus any liens and county fees.


Let’s break this down…Suppose you owe a balance of $10,000.00 to the county or mortgage lender. If your home sells for $70,000.00 that leaves a surplus of $60,000.00 owed to you. If you happen to have a lien placed on your property by a creditor or government agency such as the irs for a total of $5,000.00 that will be deducted along with any fees recorded by the county associated with your file. At this point you are entitled to claim the remaining $55,000.00.


This is where we at the Community Impact Firm LLC. come in. The agency or county require a formal process to claim these funds. This involves preparation, reviewing, and filing of necessary documentation in order to process a successful claim. We handle the entire process of filing your claim so that you can focus on planning for your next steps once you receive your funds.


Speak with one of our team members today and start planning for your financial future.

4 views0 comments