Facing a foreclosure is never easy. In our modern times, this event is more common for struggling families. Fortunately, there may be some good news after such a traumatic event. You may be entitled to money. Sometimes, a foreclosed home is sold for more than what is owed, and the difference is called a “foreclosure surplus.”
At Buchalter & Pelphrey Attorneys At Law, we could help you secure that extra money for yourself. With over fifty years of combined experience and thousands of cases worked, we have the skills and knowledge to help struggling families get back on their feet.
If you believe your foreclosed home was sold over its value, contact us online for a free consultation. We can review your case, and we may be able to work toward getting you this extra cash.
How Does a Foreclosure Surplus Happen?
Typically, the entity selling a foreclosed home wants to get as much money for the property as it can. It may sell the home at its current market value, not at the price you owe on the mortgage. Any money the seller acquires over the mortgage value is the foreclosure surplus fund. Typically, these funds are snatched up by the seller, usually the bank or the government. Florida law, however, contains provisions that can allow the home’s original owner to keep this money for themselves.
This surplus is more common during a housing boom, and the funds could be significant, depending on the situation. Imagine you owe $150,000 on the home, but the bank sells it at $175,000. That could mean $25,000 directly to you. This could go a long way toward helping you rebuild after the foreclosure.
If your home was sold over the mortgage price, talk to our team right away. We may be able to act fast, cutting these funds off from the bank or the government and transferring them straight to you.
Foreclosure Surplus Scams
There are many predators out there keeping a close eye on people’s life changes. If someone suddenly contacts you about foreclosure surplus funds, we recommend you don’t trust them. They might be scammers looking to take those funds from you.
Often, these are people posing as legal professionals. These scammers trick people into thinking they are signing up for legal help. Only later do the victims realize they’ve signed their rights over to a con artist, and they’ve lost all access to their foreclosure funds.
If you suddenly receive a call from a stranger offering you foreclosure surplus funds, contact our attorneys before signing anything. We can help verify whether this person is legitimate or a scammer. Even if they are genuine, we may be able to secure a greater portion of those funds for you.
Call Buchalter & Pelphrey Attorneys At Law at (321) 320-6088 or contact us online regarding your foreclosure surplus funds in Florida. We are a team of hard-working attorneys, and we will fight tirelessly to get you the money you deserve.