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We Work Directly with the County
At True Asset Recovery Group LLC., we understand the stress and frustration that comes with trying to recover lost assets. That's why we work directly with the county and are licensed to help individuals file their claim.
Our team performs a thorough audit on county records to ensure the highest chance of success and they provide us information and updates on statuses of claims.
Understanding What Happens
After a Foreclosure
Post Foreclosure
In the event of a Tax Deed or Mortgage Foreclosure, the county holds an auction on your property due to outstanding taxes or mortgage. The opening bid at this auction is for the amount of taxes or mortgage that is owed. What most homeowners don't know is that often times, a foreclosure sale results in surplus funds. The homeowner, (not the lender) are entitled to these funds.
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​After the auction, the county sends out a surplus notification letter, but most of the time it's to the last address on file so you are never informed.​​ Our job is to help you file the claim. We work directly with the county to assist you in filing the necessary claims and paperwork to get you the money that you are entitled to.
What are Surplus Funds?
Surplus funds after a foreclosure are the remaining proceeds from the sale of a foreclosed property after all debts and costs associated with the foreclosure have been paid. For example, there is a foreclosure judgment entered in the amount of $10,000. At the public auction, the real property sells for $100,000. This sale results in surplus funds amounting to $90,000 that is owed to the previous owner. If there are any liens held against the property, the lienholder has first priority to the surplus. Any lienholder claim that is not filed within the 120-day deadline is barred, which means they are no longer entitled to the funds.
Who are entitled to these funds?
Pursuant to Chapter 197.417, Florida Statutes, the Owners of Record (the person who owned the property at the beginning of the foreclosure lawsuit) and Subordinate Lienholders are entitled to surplus funds.
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A subordinate lienholder is a holder of a subordinate lien. Examples of a subordinate lienholder could be a subordinate mortgage, judgment, tax warrant, assessment lien, or construction lien. Even if there are subordinate lienholders, there may be enough funds left over to pay the owner or defendant in the case. However, the lienholder has first priority in the surplus.
How long does it take to receive funds after filing the claim?
The time it takes to receive surplus funds after filing a claim can vary widely depending on the jurisdiction and specific circumstances of the foreclosure. Generally, it can take anywhere from a few weeks to several months.
Factors that influence the timeline include:
1. Processing Time: The court or relevant authority needs time to review and process the claim.
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2. Verification: Ensuring that the claimant is the rightful recipient and that there are no other claims or liens against the funds.
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3. Administrative Delays: Delays can occur due to the workload of the processing agency or court.
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4. Legal Requirements: Some jurisdictions have specific legal waiting periods or procedures that must be followed.
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Typically, you can expect the process to take at least 30 to 90 days, but it could be longer in some cases.
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