Claiming Surplus Funds in North Carolina Did you get a...
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CLIENT'S FORECLOSURE MONEY RECOVERED
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0
CLIENT'S FORECLOSURE MONEY RECOVERED
$
0
When a property has been foreclosed on, it’s sold at a court supervised auction to the highest bidder to satisfy the property owner’s debt.
Once the property is sold and the debt(s) have been satisfied, any excess money generated from the property’s sale…
LEGALLY BELONGS TO THE ORIGINAL PROPERTY OWNER!
In order to recover this money, you have to file a claim (ie. petition the court), and provide evidence that you are legally entitled to the funds.
Learn more about how we help our client’s recover their foreclosure surplus below… then get in touch if you think you may have a claim!
When a property has been foreclosed on, it’s sold at a court supervised auction to the highest bidder to satisfy the property owner’s debt.
Once the property is sold and the debt(s) have been satisfied, any excess money generated from the property’s sale… LEGALLY BELONGS TO THE ORIGINAL PROPERTY OWNER!
In order to recover this money, you have to file a claim in court. Learn more about how we help client’s recover their foreclosure surplus below, and get in touch if you think you may have a claim!
Do you think you may be owed money
from your foreclosure…?
What is Foreclosure Recovery?
Foreclosure recovery is the legal process of demanding that excess money held by the state after a foreclosure sale is returned to the former property owner.
A foreclosure is a court-supervised sale of property when a property owner stops making payments on a debt, such as a mortgage, property taxes, or HOA dues, and the property is then sold to the highest bidder at a public auction. The money paid to purchase the property will be used to pay off the foreclosure debt. But, If the foreclosed property is sold for more than the debt, the extra money is considered a surplus and may be owed to the original property owner.
Example
A home is purchased for $200,000. The mortgage company is owed $100,000 when payments stop, so it forecloses on the property to recoup the debt. The home is then sold at auction and the highest bidder purchases the property for $300,000. The mortgage company receives their $100,000 and is satisfied, leaving a balance of $200,000 collected during the sale.
A foreclosure recovery would allow the original property owner to demand the return of the additional $200,000 from the state.
How long does it take?
Each foreclosure recovery claim is different and each county has a slightly different process. Many cases (without any complications) can be settled within 3-4 months, however, we cannot guarantee your recovery will be resolved this quickly.
Our commitment is to aggressively pursue our client’s claims and recover their money as soon as possible.
>>>> Contact us and we can give you an idea of what you can expect.
Our commitment is to aggressively pursue our client’s claims and recover their money as soon as possible.
>>>> Contact us and we can give you an idea of what you can expect.
Someone wants to buy my claim - what do I do?
Much like the “Finder,” “Asset Recovery Specialist,” or “Real Estate Investor,” there are businesses who will offer to “buy” your foreclosure recovery claim for a modest amount in cash. They claim that once the foreclosure recovery is received by their lawyer, they will return a small percentage back to you.
Unfortunately, some of these businesses are operating in a way that many would consider to be unfair.
Unfortunately, some of these businesses are operating in a way that many would consider to be unfair.
Why do I need a lawyer?
In North Carolina, the law requires filing legal petitions and a formal court proceeding to determine if surplus funds exist and are owed back to the former property owner.
The former property owner will have the burden of proof to prove to the court that they are legally entitled to the money.
It's also important to note, money generated by a foreclosure sale is not treated the same way as traditional ‘unclaimed property.’
*There are no published court claim forms you simply fill out and submit, and these funds are not listed on the nccash.com unclaimed property website, or any other website.
The former property owner will have the burden of proof to prove to the court that they are legally entitled to the money.
It's also important to note, money generated by a foreclosure sale is not treated the same way as traditional ‘unclaimed property.’
*There are no published court claim forms you simply fill out and submit, and these funds are not listed on the nccash.com unclaimed property website, or any other website.
Who are we?
We are a group of dedicated lawyers who are committed to aggressively fighting for our neighbors legal rights to recover the money they are owed after loss of their property during foreclosure.
We also practice estate, probate, and business law. Because of this, you can rest assured we have the staff, capacity, experience, and commitment to resolve your case as quickly as possible.
We also practice estate, probate, and business law. Because of this, you can rest assured we have the staff, capacity, experience, and commitment to resolve your case as quickly as possible.
How do I get in touch with you?
Easy!
Use the Contact Form below, or go ahead and start your Case Review to speed things up.
Or, you can give us a call at +1-919-341-1856.
Use the Contact Form below, or go ahead and start your Case Review to speed things up.
Or, you can give us a call at +1-919-341-1856.
What if a "Finder," "Asset Recovery Specialist," or "Real Estate Investor" Contacts Me?
You may be contacted by someone who identifies themselves as a “Finder,” “Asset Recovery Specialist,” or “Real Estate Investor” who claims to help people with their foreclosure recovery. Often, these individuals are in the business of scamming former property owners out of their money and in fact, many of these businesses are operating illegally.
In North Carolina, you need a licensed attorney, who has experience with this process, to recover money from a foreclosure sale. “Finders,'' “Asset Recovery Specialists, '' and/or “Real Estate Investors” are not able to legally represent you in a foreclosure recovery case.
Although these businesses may appear credible on first glance, in most cases they will charge a large percentage of the money that you are owed – basically, taking a lot of your money while serving as a middle-man - because a lawyer still must be hired to prepare the legal documents and go to court.
So, you end up paying for their “finder fee” and the legal fees. It is not uncommon for these businesses to take 30-70% of YOUR money!
>>> So, why would you want to pay a middle-man to take part of your money?!
In North Carolina, you need a licensed attorney, who has experience with this process, to recover money from a foreclosure sale. “Finders,'' “Asset Recovery Specialists, '' and/or “Real Estate Investors” are not able to legally represent you in a foreclosure recovery case.
Although these businesses may appear credible on first glance, in most cases they will charge a large percentage of the money that you are owed – basically, taking a lot of your money while serving as a middle-man - because a lawyer still must be hired to prepare the legal documents and go to court.
So, you end up paying for their “finder fee” and the legal fees. It is not uncommon for these businesses to take 30-70% of YOUR money!
>>> So, why would you want to pay a middle-man to take part of your money?!
How does a Foreclosure Recovery claim work?
When a property is foreclosed upon, generally because of a defaulted mortgage, unpaid property taxes or HOA fees, it is sold to the highest bidder at a public auction in the county which the property is located. If the final sales price of the property at this auction exceeds the amount(s) owed resulting in the foreclosure, that money left-over is referred to as a “surplus” or "excess" funds...or in other words, your Foreclosure Recovery Claim.
If a surplus results from the foreclosure sale, the money is first used to satisfy any other existing legal debt claims against the property (*claimant priority is dictated by law).
Generally the legal claims payment order goes as follows:
- Outstanding Mortage Debt
- Unpaid Property Taxes
- Any other judgments or liens ("legal claims")
- Any legal or attorney fees
What is the filing process?
In order to claim surplus funds, one has to file a Petition for Surplus Funds, explaining (or proving) to the court how you are entitled to those funds. Unfortunately, there are no published court forms available for this process in the State of North Carolina.
Generally speaking, the claimant needs to engage an attorney to assist in the drafting and filing of the petition and then representing them by attending the formal Special Proceedings Court Hearing to prove your case.
“Having this settled with such professionalism was a huge blessing to me and my family.” – K.W.
“Provided fast, accurate, and timely services. They were very open about the whole process and seemed happy to answer all my questions. – J.H.
“They answered our questions in a timely manner and kept us informed throughout the process. I would choose The Walls Law Group to represent me again. I highly recommend their services.” – A.T.
“I was pleased how EVERY staff member treated [us]. Your whole team was KIND, and very professional.” –D.B.
“They were knowledgeable, friendly, professional, and fair with prices. I highly recommend their services.” – A.T.
“Thank you so much for making our journey […] so positive! – D.H.
“Great advocate for me and my siblings. Fast, friendly, and helpful!” -S.S
“Thank you so much for your services to my family and myself. I would recommend the firm to anyone needing help with a foreclosure claim! – H.J.
“Thank you so much for your services to my family and myself. I would recommend the firm to anyone needing help with a foreclosure claim! – H.J.
“I so appreciate the thoroughness, proactiveness, and constant communication from beginning to end of this process. We were never in the dark about anything.…” -K.W.
Do you think you may be owed money from your foreclosure?
More about Surplus Funds
More on Surplus Funds Claims… *This is a supplemental post...
Read MoreDo you need an attorney?
Yes. In North Carolina, the law requires a formal court proceeding to determine if surplus funds should be returned to the former property owner. The former property owner will have the burden of proof to prove to the court that they are legally entitled to the money. Money generated by a foreclosure sale is not treated the same way as traditional ‘unclaimed property.’ *There are no published court claim forms and you are unable to claim the money via the nccash.com unclaimed property website. |
How long does this process take?
Each foreclosure recovery claim is different and each county has a slightly different process. Many cases (without any complications) can be settled within 3-4 months, however, we cannot guarantee your recovery will be resolved this quickly. Our commitment is to aggressively pursue our client’s claims and recover their money as soon as possible.
Contact us and we can give you an idea of what you can expect.
What if I am contacted by a “Finder,” “Asset Recovery Specialist” or “Real Estate Investor”?
You may be contacted by someone who identifies themselves as a “Finder,” “Asset Recovery Specialist,” or “Real Estate Investor” who claims to help people with their foreclosure recovery. Often, these individuals are in the business of scamming former property owners out of their money and in fact, many of these businesses are operating illegally.
In North Carolina, you need a licensed attorney, who has experience with this process, to recover money from a foreclosure sale. “Finders,” “Asset Recovery Specialists, ” or “Real Estate Investors” are not able to legally represent you in a foreclosure recovery case. Although these businesses may appear credible, in most cases they will charge a large percentage of the money that you are owed – basically, taking a lot of your money while serving as a middle-man – because a lawyer still must be hired to prepare the legal documents and go to court.
So, you end up paying for their “finder fee” and the legal fees. It is not uncommon for these businesses to take 30-70% of your money! So, why would you want to pay a middle-man to take part of your money?
What If I am contacted by someone to “buy” or “assign” my claim?
Much like the “Finder,” “Asset Recovery Specialist,” or “Real Estate Investor” discussed above, there are businesses who will offer to “buy” your foreclosure recovery claim for a modest amount in cash. They claim that once the foreclosure recovery is received by their lawyer, they will return a small percentage back to you.
Unfortunately, some of these businesses are operating in a way that many would consider to be unfair.
Here’s a quick example:
Sally’s home is in tax foreclosure. Out of the blue, she receives a call from Bob. Bob explains that his company helps people who are going through foreclosure and he would pay her $5,000.00 if she will sign over her home to his company. Sally is unaware that her home sold at the court auction for $100,000 more than the outstanding tax debt. Thinking that she has lost her home and that there is nothing she can do about it, she accepts Bob’s offer. The next day, Bob gives Sally the $5,000.00 and she signs the Deed transferring her rights in the home to Bob’s company. The next week, Bob’s lawyers go to court to demand the $100,000 foreclosure recovery.
Bob gets the $100,000 foreclosure recovery from the court. Sally gets $5,000 from Bob. Does this seem fair to you?