FAQ

Frequently Asked Questions

What are Excess Proceeds?

When a property goes through foreclosure (trustee’s sale) or tax sale, if the bid at the foreclosure sale is more than the amount necessary to pay the debt on the property, the extra money is deposited by the foreclosing trustee with the county treasurer. These funds are referred to as “Surplus Proceeds.”

Who is entitled to the money?

Most State law sets forth the priority for who is entitled to the money. In general, the statutory scheme provides that the money goes first to Home owner associations, second lien holders (Home equity lenders typically), and then the homeowner.

What if I have a judgment against me–does the judgment holder get the money?

Yes and no. If this property was your home at the time of the foreclosure, you are entitled to assert your “homestead” rights against the judgment lien holder, and you will get the money.

Does the second lien holder always get the money?

In many cases the second lien holder does not apply for the money. If the lien holder does not apply within the time frame allowed, then the court will award the money to you.

Where can I go to see if I have excess proceeds?

It depends on the county, most of the bigger counties in most states have web pages that provide information on tax and mortgage sales. But, some counties do not have websites that provide information on excess proceeds. If you decide to go through with the process, we will provide all of the information you need if you can not find it.

If my name is on the list, does that mean that I have been sued?

No. It just means that excess proceeds from the sale of your property have been deposited with the county treasurer.

How long does it take?

it Depends on the state. If you decide to go through with the process, we will keep you updated on the status of the claim

If my name is on the list, does that mean that I am entitled to the money?

Maybe. If you had a second lien holder (Home equity line of credit or second mortgage), or an HOA, then the lender is entitled to the money before you can get it. However, the lender MUST APPLY for the money in a timely manner, which does not always happen.

How much do you charge?

Surplus Retrieval does all excess proceeds applications on a contingent fee basis, which means that we only get paid if you get paid. In most cases, we advance the filling fees and costs, meaning that you do not have to put out any money to start the proceeding. The fees vary, depending on the complexity of the case and our assessment of the likelihood of recovering the money. If for example, there is a second lien holder who has the right to recover the money, our contingent fee might be higher than if you are the only claimant. Our average fee (including the filing fees and costs) is between 30%-35%, but can be higher or lower depending on the situation.

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