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BE ON THE LOOKOUTWhat Exactly is a Surplus Fund?
Surplus fund is the amount that arises from the difference between the sale amount of the foreclosed home and the mortgage on the house at the time of the sale.
Homeowners are entitled to recover any surplus funds that result from the foreclosure sale of their home (CIVIL CODE SECTION 2945-2945.11).
It is crucial for homeowners to collect all funds that are eligible for from the foreclosure sale so they can accumulate financial help for the next steps in their lives.
SURPLUS FUND LAWYERWhat Happens After a Foreclosure Sale?
By law, the foreclosure trustee is supposed to deposit any surplus fund that results from the foreclosure sale for the previous owner. However, this may not always be the case. Some prey on the ignorance of homeowners in hopes to deposit more cash in their pockets.
Fortunately, with a surplus fund lawyer’s help, it becomes easier to realize if you are owed any excess funds and to recognize what to do if the trustee does not follow the law.