Our Services
Losing your home through foreclosure is distressing for many people. This usually occurs when borrowers default on their mortgage payments, prompting the lender or bank to initiate a process in an attempt to recover the borrowed money. When a borrower fails to fulfill their loan obligations, the lender may initiate their right to use the property as collateral. When this happens, the home may be sold at a foreclosure auction.
In many instances, the home will be sold for more money than is left on the loan. The excess money that remains after the mortgage and any other liens on the property are settled, are called “surplus funds.” On many occasions, the homeowner is entitled to all or a portion of the surplus funds..
Our staff of professionals and attorneys experience at Surplus Champions, L.L.C. is here is help the homeowners recover these surplus funds. We have the experience and knowledge to help our clients obtain what is rightfully theirs.
Priority of Claims
Allocation of surplus funding is governed by legal provisions and statutes specific to the state where the property is located. According to these laws, surplus funds are distributed to interested parties through a priority system.
Other claimants, in addition to the lender, may be lienholders who have previously obtained an interest in the foreclosed property. These may include entities to whom the borrower has pledged the property as collateral for additional loans or obligations. These lienholders are entitled to recoup their outstanding debts from the surplus funds before any remainder is allocated elsewhere.
After claims of these lienholders have been satisfied, the surplus funds remaining are then earmarked for the borrower.
Foreclosure Process
If you have fallen behind on your mortgage payments, or even received a foreclose notice from the bank, we are here to help! CAll today to speak with one of our professionals who will help you navigate the next steps to recovery surplus funds that you may be entitled to. We can discuss the details of your situation and determine if you have a case. We offer free, initial consultations where you can learn what options are available to you.
