When a property sells at a judicial sale for more than the amount that is owed to the plaintiff, the overage is considered “Surplus Funds.” Surplus Funds are available to be claimed by the foreclosed owner as well as subordinate lien holders. It’s important to act quickly as surplus funds may be claimed by another party.
You can, however, we recommend you use caution. Many times there are other parties who are also entitled to surplus funds. It then becomes a legal argument between multiple parties and court hearings may be set. Therefore, as recommended for anyone involved in active litigation, it’s of great importance to have an experienced company representing your interests every step of the way.
No, you do not have to go to court. Upon receipt of the signed US Surplus LLC Agreement, our attorneys will file the necessary motions and legal documents with the court on your behalf. If a court hearing is scheduled our attorneys will also attend the hearing on your behalf. Should you be interested in attending any court hearings, your presence is welcome.
It depends on how many debts are attached to the property. If there are no other debts attached to the property, we can file the claim immediately. However, if there are other subordinate lienholders listed as defendants, those lienholders have a time period after the sale takes place, per statute, to make a claim against the surplus proceeds and their claim has priority over yours (the foreclosed homeowner). While keeping in mind all party defendants are put on notice of any and all motions that are filed, we recommend to strategically file after the statutory period has passed in order to not alert any other parties. After the motion and other necessary paperwork is filed with the court, US Surplus LLC will obtain a hearing date on the judge’s calendar to have our motion heard. From the date of the hearing it takes approximately 7-10 business days for the court to disburse the payment.
Upon receipt of your signed surplus agreement, US Surplus LLC will do an in-depth review of the property’s title. Upon completion, we let you know our findings and the plan for progressing in attempt to maximize the recovery.
Not necessarily. If a subordinate lienholders claim does not exceed the amount of surplus available, then we will still be able to recover the remainder for you. There is also the chance that the subordinate lienholder filed a claim that was not timely. If this is the case, we can still recover surplus for you.
US Surplus charge depends on the complexity of the file and the amount to be recovered. US Surplus LLC works on a complete contingency basis and pays all costs, expenses, and attorney’s fees which are included in our service fee. If US Surplus LLC is unsuccessful in recovering surplus for you, you pay nothing! It is also company policy of ours to beat any of our competitors’ rates, so if you have been quoted a lesser rate, send us the offer you received and we will beat it, guaranteed.
Yes, in some cases US Surplus LLC can advance a portion of the available Surplus Funds to you. Also, in some cases we are willing to purchase the surplus rights our-right.
US Surplus LLC’s goal is to make the Surplus Recovery process effortless and stress-free for you. First, fax or email-scan the agreement(s) to us with a copy of your ID. Then snail-mail the original agreement to our offices. After receiving the agreement, we will call you to confirm receipt and US Surplus LLC’s attorney will begin the Surplus Recovery process with the Court. US Surplus LLC is properly licensed and insured. Your privacy, personal information, and identity are respected and secure.