"How To Claim Surplus Funds From Foreclosure"
When a home is foreclosed, the proceeds from the sale go to pay off the mortgage. If there are any funds left over, they are known as surplus funds. The homeowner may be entitled to claim these surplus funds.
There are a few things that must be taken into consideration when claiming surplus funds from foreclosure. The first is the time frame in which the claim can be made. Surplus funds must be claimed within two years of the date of the foreclosure sale.
The second thing to consider is whether or not there are any outstanding liens on the property. If there are, they must be paid off before any surplus funds can be claimed. The third thing to consider is whether or not the homeowner owes any money to the HOA or other creditors. If so, these debts must also be paid before any surplus funds can be claimed.
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