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Formerly Ruth Allen Law, PLLC: I am pleased to announce that I am now associated with The Walls Law Group, continuing to provide Estate Planning and Administration services! 919-647-9599
What are Surplus Funds?
When a residence is foreclosed upon, the proceeds go to pay off the mortgage (the mortgage lender is usually who foreclosed to begin with), and any other liens, judgments or debts on the property. If there are funds left over, they are called Surplus Funds, and they belong to the borrower.
A petition to recover these Surplus Funds has to be filed with the court to request recovery. It can be a daunting task for those not familiar with the process.
If you have received a notice that there are Surplus Funds on property you used to own which has been foreclosed, contact me to explore if I can help you recover those funds.
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