Surplus funds are the funds generated from the sale of a foreclosed property when the auction price is higher than the total amount owed on the property. Becoming a homeowner is a significant milestone, often symbolizing stability and achievement. However, unforeseen circumstances such as job loss or medical emergencies can...
Understanding Surplus Funds from Foreclosure Sales
For instance, if a property with a foreclosure judgment of $200,000 is auctioned for $225,000, the surplus funds would amount to $25,000. What are Surplus Funds? Surplus funds, often simply referred to as “surplus,” represent a vital opportunity for homeowners to reclaim equity after their property is sold at a foreclosure...