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Surplus Funds & Tax Overages

Real estate surplus funds refers to the excess funds that are generated from the sale of a property. When a property is sold or foreclosed upon, the proceeds from the sell are first used to pay off any outstanding mortgages, liens, or other debts associated with the property. If the proceeds from the sale exceed the amount needed to pay off these debts, the remaining funds are considered surplus funds.

These funds are typically held by the court or government agency responsible for overseeing the sale or foreclosure, and may be available for claim. In some cases, the owner of the property or their heirs may be entitled to claim the surplus funds. Other parties that may be eligible to claim these funds include lien holders. The process for claiming real estate surplus funds can be complex and varies by jurisdiction. Real estate surplus funds can represent a significant amount of money, and can be a valuable resource for those who are entitled to claim them.

Brief Illustration:For example your property is worth $100,000, and you unfortunately are behind $30,000 in taxes and fees. The county holds a tax sale starting the bid at the amount owed (typical). Investors and buyers that are bidding understand the value of your property and its sold for example $150,000. As the county only needs the amount owed. The remaining balance of $120,000 is yours to claim. You read correctly!As you have a right to these funds, the county is responsible for notifying you via mail with what is called a surplus letter.

However if you were not located at the last address on record or didn't have a forwarding address when the letter was mailed, it's safe to say that you were not notified. This is why we are here! We contact you to notify and go through the proper channels in the county to assist in getting what is owed to you. Foreclosures are no fun for anyone so we understand that these funds could very well come in handy for families at such a devastating time.

Entitlement to claims have to be proven, there are certain channels in the county to go through and requirements that must be followed , this can become difficult and at times may feel as though you're going down a rabbit hole. Allow us the professionals and our attorneys to relieve you of the stress and work directly with the county to submit your claim. All you do is sit back and collect what's owed to you.

After Foreclosure

In the unfortunate event of a mortgage foreclosure or tax deed there is an auction held by your local county for your property to collect unpaid taxes or mortgage.The county then sends out a surplus letter (which more times than not you won't receive) to notify you that your property was sold at auction and you are owed funds. We then work directly with the county to assist you in filing a surplus funds claim to receive those funds back! We understand that this can be an unfortunate time and we want to lessen any extra burdens, so there are no risk as there are no upfront fees and and we take responsibility for all legal fees.

We only receive payment upon successful claims. At Honor Assets Group there are many dedicated advocates that work along side of dedicated licensed attorneys to assist you in navigating the complexities that can arise in this process while ensuring that your rights are protected. Your only job is to take the stress off while our team of dedicated and licensed professionals work diligently to navigate this process of reclaiming the funds rightfully owed to you. Contact us today and speak with one of our asset recovery specialist from our team to begin the process!

All the Best,

Honor Assets Group