Surplus Process

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In Florida, the foreclosure surplus recovery process occurs after a foreclosure sale has taken place and the sale proceeds exceed the total amount owed to the lender. In such cases, the surplus funds become available for distribution to other parties with a legal interest in the property, such as junior lienholders or the former homeowner. The process of claiming these surplus funds can be complex and time-consuming, but it is possible with the help of a surplus recovery specialist. Here's an overview of the steps involved:

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Determining eligibility: The first step is to determine if you are eligible to claim the surplus funds. In Florida, the former homeowner and junior lienholders can claim the surplus funds, provided they meet certain legal requirements.

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Filing a claim: Once eligibility is determined, the claimant must file a claim with the clerk of court within a specific time-frame, usually within 60 to 90 days of the foreclosure sale.

Obtaining a hearing date: After filing the claim, the claimant must wait for a hearing date to be set by the court.

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Attending the hearing: At the hearing, the claimant must present evidence to support their claim and provide testimony to the court.

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Receiving the surplus funds: If the claim is approved by the court, the claimant will receive a distribution of the surplus funds, minus any outstanding debts or liens.

 

It's important to note that the foreclosure surplus recovery process can be complex and time-consuming, and it's advisable to work with a specialist who can guide you through the process and help maximize your chances of receiving the surplus funds.