Recovering surplus funds after a foreclosure can be a confusing process, but understanding the essential steps can help you navigate it successfully. Here are four critical steps to guide you:
1. Determine Your Eligibility
The first step in recovering surplus funds is to determine if you are eligible. After a foreclosure auction, any proceeds exceeding the amount owed on the mortgage may be classified as surplus funds. This often applies to homeowners whose properties sold for more than the outstanding loans.
2. Locate the Surplus Funds
Once you confirm your eligibility, the next step is to locate the funds. In Georgia, surplus funds are typically held by the servicer/lender and or foreclosure law firm. You will need to gather documentation regarding your foreclosure, including verification of ownership, and picture identification. Our firm can help during this process, so it’s vital to secure legal counsel to maximize your potential recovery.
3. File a Claim
After you have identified the surplus funds, the next step is to make a demand for the excess funds. This process generally involves contacting the entity holding the excess funds. There may be deadlines for making a demand, so it is important to act promptly.
4. Attend the Hearing
In some cases, a hearing may be set to review your claim. It is critical to attend this hearing and present your case before a judge. Ensure that you have all necessary documentation organized and be prepared to explain your situation clearly. If your claim is approved, the judge will issue an order for the release of the surplus funds.
By following these four steps, homeowners in Georgia can better navigate the process of recovering surplus funds after a foreclosure, potentially reclaiming their financial stability. If you are facing foreclosure or your home has already been foreclosed upon, reach out to our team at Schuyler Elliott & Associates, Inc. to discuss your options. Call us today at (770) 400-9102!