SURPLUS FUNDS COLLECTION
MIAMI DADE FORECLOSURE ATTORNEYS
Homeowners in foreclosure who have lost their home in foreclosure either due to a bank foreclosure or homeowners or condominium association foreclosure, many not know of one tiny law that allows them to go back to court and obtain the surplus funds, or overage of funds left in the court after the property sellers at auction. This is called the surplus or funds surplus, and in most situations belongs to the borrower, when the winning bidder paid more than the amount of the judgment. Pursuant to Florida Statutes, and under strict circumstances, the homeowner is entitled to request the surplus funds which are paid to it by the Clerk of the Court.
Even if there is a mortgage on the property that is owed, and the homeowners association or condominium association are the ones that pursued the foreclosure, its a race to the hearing.
Recently, I had the pleasure of representing a homeowner that had both a first and second mortgage on the property, and the bank foreclosure of the first mortgage ended up with an over $160,000.00 surplus. Despite there being a second mortgage, we filed the motion on behalf of the borrower, and were successful in winning the surplus as opposed to the 2nd mortgagee bank.
There is certain eligibility requirements to make a motion for the surplus funds, including being the homeowner and others. And the courts generally give it to the first person that makes a bid. That means that the first person to file a motion and have it heard and granted by the Judge, will be the winning party.
At the Law Offices of Jacqueline A. Salcines, PA, we are keenly aware of the requirements for filing a Motion for Surplus Funds and have represented hundreds of homeowners in foreclosure, including those vying for such funds.
Allow my team of attorneys and accountants to go to work for you to file a Motion for Surplus Funds on your behalf.
At the Law Offices of Jacqueline A. Salcines, P.A., our lead real estate attorney brings over 15 years experience in the foreclosure, mortgage and real estate field as well as 20 in the accounting field. Ms. Salcines has been helping homeowners in foreclosure for over 10 years and is available by email to answer all your questions and concerns, without ever charging a consultation fee.
Call us today to set up an appointment to discuss your purchase or sale. We are here for you!
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
TRUST | COMMITMENT | RESULTS
Jacqueline A. Salcines