Foreclosure Surplus Funds Explained
Foreclosure surplus funds may result when a foreclosed property is sold for more than the total amount needed to satisfy certain debts, fees, and sale-related costs.
What Are Foreclosure Surplus Funds?
Foreclosure surplus funds are money that may remain after a foreclosure sale when the sale amount exceeds the total of certain obligations tied to that property and sale.
Who May Have an Interest
How They Happen
A foreclosure sale may create surplus funds when the required debts, fees, and costs are calculated, and the total sale amount is greater than those required amounts.
Qualifying Sale
A property is sold through a legal foreclosure process.
Debt Satisfaction
Foreclosing debt and related costs are paid from proceeds.
Remaining Balance
Extra funds are held as surplus for qualified claimants.
Get Clear Guidance
If you believe a foreclosure sale may have left behind funds that you or your family were never aware of, the most helpful first step is a careful review of the facts. Understanding how to know if you have surplus funds starts with sharing what you know.