FAQ: Frequently Asked Questions

FAQ

How long does a surplus funds claim typically take?

There are several factors that influence how long a surplus funds claim may take to file. On average, our claims usually take between 3-6 months to complete.

Some of the factors that can impact how long your claim may take to payout are

The County.
- Each county has it’s own claims process so they will all have different turn around times.
The age of the claim.
- If the funds have been “escheated” (that is, transferred) to the State Treasury, you can add another 2-3 months to the typical claim resolution time.
How straightforward & responsive the claimant is.
- Being forthcoming with all the necessary case information is important so that we aren’t hindered by extra legal research to flesh out conflicting information. There is no need to hide anything from us. It will do nothing but delay your claim and make us sad. Don’t forget, as your attorney, everything we know about you is considered & treated completely confidential!
How easy it is to contact and collect information from other potential claimants.
How responsive all involved parties are.
Outstanding Debt.
- Having a large number of outstanding liens on the property, or if there is a lot of outstanding debt still owed. These factors not only add to the time it takes to file the claim (you must contact each potential claimant to inform them of your claim to the funds) – but if the debt is legitimate, it reduces your overall payout by being paid by the surplus to make the lender whole again.

What if a "finder" told me that I might have surplus funds and they can 'help' me recover the money if I sign their contract?

see: Beware Greedy Finders

How do I know if my claim is worth pursuing?

Prior to any petition to claim the surplus funds being filed in court, it is essential to have a title search for the owner of the property (whether living or deceased). A title search will show who is in the chain of title that might be owed money from an existing claim against the property.
The court will require a title opinion that shows there are no other potential claims on the money. These claims could be judgment liens (credit card judgments, for example) or tax liens, or even an unpaid second mortgage or equity line of credit.
Any person or entity in the chain of title who are owed legitimate claims against those surplus funds should be paid first before any payments can be made to the prior owner or heirs of the owner.

It may require opening an Estate in Court…

If the funds are from a foreclosure sale of property which belonged to a decedent (deceased person), for example, when the heirs of someone who died did not continue to pay the mortgage, and it was foreclosed upon, there will need to be an Estate* opened in order to distribute the money to the rightful heirs. This adds a layer of complexity and potentially expense.