Surplus Funds
At Kanwisher Law, we have experience in handling surplus funds cases for property owners and other individuals in North Carolina. Surplus funds are often generated during foreclosure sales, tax lien sales, or other property auctions, and they represent the excess money left over after a property has been sold to satisfy debts. If you are entitled to surplus funds from a foreclosure sale or another auction, we are here to help you recover those funds and navigate the complex legal process.
Unfortunately, many individuals are unaware of their right to claim surplus funds, or they encounter difficulties when trying to recover them. We focus on helping individuals and families reclaim these funds and ensure they receive what they are rightfully owed.
We begin by reviewing your case to determine whether you are entitled to surplus funds. This includes verifying the details of the property sale and the amount of the surplus. In addition, we will explain the legal process of claiming surplus funds and outline the steps required to recover the money you are entitled to. We will guide you through the entire process and answer any questions you may have.
In North Carolina, surplus funds claims are handled through the court system in the county where the property is located. We will handle the drafting and submission of all necessary documents to make sure your claim is valid and complete. In addition, we will obtain the required title opinion that will be submitted with the filings. You will not be present at the hearing alone as we will represent you throughout the process. Sometimes objections are made by other parties, but we will handle these objections and advocate for your right to receive the surplus funds. In some cases, there are valid claims that will need to be paid out of the surplus funds. We will review and explain these claims with you so there are no surprises. We are experienced at navigating these challenges and ensuring that your interests are protected.
Time is important when recovering surplus funds and we will work diligently to ensure that the funds are returned to you as quickly as possible.
Get Started Today with Your Surplus Funds Claim
If you believe you are entitled to surplus funds from a foreclosure sale or property auction, don't wait to act. Contact Kanwisher Law today for a consultation. We will review your case, explain your options, and help you recover the funds you are owed.Contact Us
Frequently Asked Questions
What are surplus funds, and how do they arise?
Surplus funds are the excess proceeds left over after a property is sold at a foreclosure, tax lien, or other property auction to satisfy outstanding debts or liens. If the property is sold for more than the amount owed, the extra money is called surplus funds, and the former property owner may be entitled to claim them.
Am I entitled to surplus funds if my property was foreclosed on?
In many cases, yes. If your property was sold at a foreclosure auction and the sale price exceeded the amount owed on the mortgage or other liens, you may be entitled to the surplus funds. The specific eligibility depends on the sale details, the debts involved, and local laws.
How do I claim surplus funds from a foreclosure sale?
To claim surplus funds, you must file a legal claim with the court that handled the foreclosure sale. The process involves submitting the proper paperwork and demonstrating that you are entitled to the funds. We can assist with this process to ensure all documents are completed accurately and filed on time.
What happens if multiple parties claim the surplus funds?
If multiple individuals or entities claim the surplus funds (e.g., lienholders or other creditors), the court will resolve the dispute. In some cases, a lienholder may have a superior claim to the funds. We can help you navigate these complexities and ensure your rights are protected.
How long does it take to recover surplus funds after a property sale?
The timeline for recovering surplus funds can vary depending on the complexity of the case, the court's schedule, and any potential disputes. However, with proper legal representation, the process could be expedited.