Reclaim What's Rightfully Yours with Foreclosure Surplus Funds Recovery
Surplus Recovery Assistance
Losing your home to foreclosure is a difficult experience, but it’s important to know that it can sometimes result in surplus funds – the difference between the sale price of your property and the amount you owe on it. Our role is to guide you through the foreclosure surplus funds recovery process.
Our services extend beyond just claiming surplus funds. We provide support throughout the foreclosure process, offering cash advances, negotiating on your behalf for an extended stay in your home, and assisting in finding replacement housing. We ensure that each case is meticulously reviewed and followed through to completion for the best possible outcome.
Our Foreclosure Surplus Funds Recovery Process
Losing your home to foreclosure is a difficult experience, but it’s important to know that it can sometimes result in surplus funds – the difference between the sale price of your property and the amount you owe on it. Our role is to guide you through the foreclosure surplus funds recovery process.
Our services extend beyond just claiming surplus funds. We provide support throughout the foreclosure process, offering cash advances, negotiating on your behalf for an extended stay in your home, and assisting in finding replacement housing. We ensure that each case is meticulously reviewed and followed through to completion for the best possible outcome.
Understanding Mortgage Surplus Recovery After Foreclosure
When your property is sold at a sheriff’s sale, there’s a possibility of surplus funds, often called “excess funds” or “balance.” It’s essential to know that you have the right to claim these funds.
In Ohio, the clerk of court will notify you within 90 days post-sale if there are excess funds. You must then file a motion with the court within the next 90 days to claim these funds. We guide you through this process, ensuring you don’t miss out on what you’re entitled to.
The Potential of Surplus Funds
Surplus funds can represent a significant financial opportunity. For instance, you may owe $75k in mortgage on your home. If a property appraised at $125k is sold for $130k, this leaves $55k as surplus money, which is the money you paid toward the mortgage over the years.
The Clerk of Courts holds this amount and, if unclaimed, eventually transfers it to the state’s unclaimed funds after foreclosure. Our job is to ensure that these funds are rightfully claimed by their owners through our unclaimed funds recovery services.
Frequently Asked QuestionsAbout Surplus Funds after Foreclosure
What are foreclosure surplus funds?
Foreclosure surplus funds, also known as “overages” or “excess funds,” are the amount remaining when a property sells at auction for more than the amount owed for foreclosure. These funds rightfully belong to the original homeowner or their heirs.
Who can claim mortgage surplus funds?
The person who owned the property at the time the foreclosure lawsuit was filed is entitled to claim these funds after settling any dues to lienholders. Our team will help you navigate through the intricacies of these claims.
How do I qualify for DIP financing?
Qualifying for DIP financing is part of our comprehensive consultation process. We’ll work with you to determine if you meet the necessary qualifications and guide you through the application process.
Claim Your Surplus Funds After Foreclosure
At OHIO 4CLOSURE, we understand the emotional and financial toll of foreclosure. We’re here to help you recover surplus funds, ensuring that you receive every benefit you’re entitled to after the loss of your property.
Contact us to find out how we can assist you in this critical recovery process.
How it Works: Our Process
Three Simple Steps
to Save Your Credit and Property
We ask seven questions so we can research your property.
We’ll schedule a meeting – virtual or in-person – to get more specific information and understand what your end-goal is.
We’ll meet with you again – virtual or in-person – to recommend the best solution for your situation and review the next steps to get started.