"How To Claim Surplus Funds From Foreclosure"
When a home is foreclosed upon, the mortgage lender is typically owed more money than the home is worth. This difference is called the surplus, and it must be paid to the county in which the foreclosure took place. The homeowner may claim this surplus if they act within a certain timeframe, usually 60 days.
To claim the surplus from a foreclosure, the homeowner must first obtain a copy of the final judgment from the court. This document will list the amount of money owed to the mortgage lender and any other liens on the property. The homeowner will then need to file a claim with the county clerk's office, along with proof of ownership of the property and documentation of any expenses incurred during the foreclosure process.
If there are multiple claimants for the surplus funds, a hearing will be held to determine who is entitled to them.
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