FAQ
Your Questions, Our Answers
What Are Surplus Funds?
Surplus funds, also known as excess proceeds, are the remaining funds from a foreclosure sale after the mortgage and other liens have been paid off. Recovering these funds can be a complex and daunting process. The National Equity Agency (NEA) specializes in helping individuals navigate this intricate landscape to reclaim what rightfully belongs to them. Below, we answer some of the most frequently asked questions about surplus funds and how NEA can assist you.
Surplus funds are the remaining proceeds from a foreclosure sale after all debts secured by the property, such as the mortgage and liens, have been satisfied. These funds rightfully belong to the former homeowner.
When a property is sold in a foreclosure auction, it often sells for more than the amount owed on the mortgage. The excess amount, after all secured debts are paid, constitutes the surplus funds.
The former homeowner is typically eligible to claim surplus funds. In some cases, other parties with a legal interest in the property may also have a right to these funds.
NEA specializes in identifying, documenting, and claiming surplus funds on behalf of our clients. Our team of legal experts handles all the necessary paperwork, court filings, and communication with relevant parties to ensure a successful recovery.
The process involves several steps:
- Initial Consultation: We assess your eligibility and explain your options.
- Research and Documentation: Our team conducts thorough research to identify any surplus funds owed to you.
- Filing the Claim: We handle all the legal paperwork and filings.
- Follow-Up and Advocacy: We maintain communication with the courts and advocate on your behalf.
- Receiving Your Funds: Once the claim is approved, you receive the funds minus our agreed-upon fee.
The timeline for recovery can vary depending on the complexity of the case and the efficiency of the court system. NEA works diligently to expedite the process and minimize delays.
No, NEA operates on a contingency basis. You pay nothing unless we successfully recover funds for you. This ensures that our interests are aligned with yours.
Required documentation can vary but typically includes proof of ownership, identification, and any court documents related to the foreclosure. NEA assists in gathering and preparing all necessary documents.
While it is possible to claim surplus funds independently, the process can be legally complex and time-consuming. NEA’s expertise and experience significantly increase the likelihood of a successful and timely recovery.
Contact NEA for a free, no-obligation consultation. Our friendly and knowledgeable team will assess your situation and guide you through the initial steps to begin the recovery process.
