If your home was foreclosed, you may be entitled to thousands of dollars in surplus funds — money the court owes you. Here's everything you need to know.
When a home is sold at a foreclosure auction, if the sale price exceeds the amount owed on the mortgage (plus fees and costs), the excess money is called "surplus funds". This money legally belongs to the former homeowner — NOT the bank.
In California, these funds can amount to tens of thousands of dollars or more. Many homeowners don't even know this money exists, leaving it unclaimed for years.
If your home was sold for $500,000 at auction, and you only owed $350,000, you may be entitled to $150,000 or more in surplus funds!
You may be owed thousands of dollars in surplus funds. Contact us today to find out if you're entitled to recover money from your foreclosure.