Properly Address Mortgage Foreclosure Overages Atlanta GA
What Is a Forclosure Overage Refund?
HOW EXCESS PROCEEDS GENERATED
Foreclosure overages are excess proceeds, also known as surplus funds, overages, mortgage overages, or overbids, are generated when the sale of a foreclosed property, usually at an auction, results in more money being generated than is owed to the lender or to the county or state in the case of a tax foreclosure.
Let’s look at an example. Suppose John owes $15,000.00 in back taxes and his mortgaged property is foreclosed on and sold at an auction. Say the property is sold for $75,000. The difference between what John owed and what the property was sold for is the overage or excess proceeds. That money, $60,000.00, should be returned to John after any other liens or judgements have been paid.
Well, you make ask, how come John does not know his foreclosure overage he’s entitled to? Usually, if a sale generates excess proceeds, the tax commissioner’s office or the trustee or whoever is designated custodian of the funds, has to notify the foreclosed homeowner that these funds exist. This is usually done within thirty days of the sale. However, this notice is sent to the last known address of the foreclosed owner which, in most cases, is the foreclosed property which has already been vacated. Therefore John won’t get the notice because he no longer lives where the notice was sent.
WHAT DOES THIS MEAN FOR YOU?
This may be hard to believe, but there are billions, yes, billions with a “B”, of dollars of overage owed to foreclosed mortgage homeowners that go unclaimed every year. These people, many of whom are in desperate financial need, may have money owing them that they know nothing about.
Frequently Asked Questions
Yes they are. The following link provides a great explanation of how overages or excess funds are created. https://upsolve.org/learn/foreclosure-surplus-funds/
No. Absolutely not. We work on a contingency basis and only get paid if we recover funds for you. Beware of any company that asks you for any money upfront.
No we do not. Beware of any company that asks you for your bank account or credit card information.
We need to verify your contact information and your identity. If you an heir, we will need to verify your relationship to the decedent and your right to the funds.
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