What are Surplus Funds and where do they come from?

Every single year over one million properties are foreclosed on because owners could not pay their taxes or mortgages anymore. When these properties are sold at auctions for more than what was owed to the county or the mortgage company there are surplus funds. As an example, let’s say a property owner has $100,000 in property taxes or mortgage that they could not pay, and the property was foreclosed on and later sold at an auction for $150,000. The county or the banks will use that money to pay the debt owed, and there will be surplus funds of $50,000.

One attempt will be made by the county clerk or a trustee for the mortgage company to notify the previous owner by sending a written notice to the address of the property that was auctioned off. The owner of that property usually has already been evicted and no longer living there to receive any mail and may not of left a forwarding address to receive the notification, so most of the time the property owner has no idea about a potential of surplus and unless they or somebody they know have been through something like this, they may have no knowledge that there are surplus funds owed to them from the foreclosure sale.

What we do at Universal Overages Recovery?

At Universal Overages Recovery, we research different web sites to identify properties that have been foreclosed, sold at auction, and appear to have surplus funds available. Our team research the sale to identify and locate the previous owner or nearest living relatives. We then reach out to them through either calling, letter or text messaging to notify them about the possibility that surplus funds may be available to them and to explain everything that is required to receive those surplus funds, along with an offer to retain our company to help them to achieve that goal.

The Process of retrieving any Surplus Funds

Once a client signs a contract with us, we start by gathering all the information we can pertaining to the foreclosure.   We then forward everything over to our attorney so that they can do a title search to verify ownership and for any liens that may be attached to the deed.  After the attorney has verified all the information, they will then submit a petition, including all the information, to the court asking the judge to sign off on the petition to releasing the surplus funds.  If granted, the judge will normally specify to who and when the check will be sent and the amounts to be dispersed. Out of our fee, we pay for all the research required along with all the attorney fees, so the check the client receives is all theirs.

We offer free consultations and accept all surplus fund clients on a contingency basis. This means that there are NO up-front costs to our clients. We do not get paid until we collect surplus funds on your behalf.