If you have received a letter or been contacted about having surplus funds you may wonder what they are.
Surplus funds are the leftover funds from the sale of your foreclosed house. The funds first pay off the mortgage debt, any property taxes due, legal claims, and any attorneys involved. After everything has been paid off, then the funds are available to the owner of the foreclosed home. Read “What are Surplus Funds” for more.
If you have been contacted by a finder do not sign anything. Your first step should be to contact an experienced attorney who works with surplus funds. (Fill out our contact us form or call us to complete this step!)
The surplus funds you receive are your very own pot of gold, but if you work with a finder it may turn into fool’s gold.
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