Why there is no need for Florida Third Party Surplus Recovery Companies

Middlemen. Non-lawyers. Predators. That is what third party surplus recover companies are in Florida. The day an owner’s home forecloses, these companies will call, text and sometimes even show up to the owner’s home. This is done all in an attempt to have the owner “assign” away their surplus right funds to the company. Simply put? Don’t do it.

What happens when an owner assigns away their rights to the surplus funds? First, the surplus company will file a Motion to Intervene with the court. This means the third party company is trying to become a party to the case themselves. The attorney for the third party company then files a notice of appearance, not for the owner, but for the third party surplus recover company.

That’s right. An owner is not represented by this attorney. The attorney is only representing the company.

This is where the main issue occurs. The attorney has a legal duty to the third-party company, not to the owner. Many times I have handled cases where an owner assigns its’s right to a surplus asset recovery company, only to have the case sitting around for a year. Once I am hired for that owner, the third party company then fights to still get a percentage.

Instead, when an owner hires a foreclosure surplus funds lawyer, that lawyer is representing the owner. Not another company.

I have handled thousands of foreclosure cases in Florida. I am extremely adamant about this specific issue of owners not assigning away surplus rights to a third party company. This is because I have seen owners be taken advantage of all over the state of Florida. Whether a third party company is just incompetent legally (most of them are), or fraudulent in their endeavors, I have seen too many people lose all of their surplus funds because of these companies.

If you have been contacted by a third party surplus company about your surplus funds, call me for a free consultation. I will advise whether or not you even need representation. I will also advise you of what needs to happen in order for you to put yourself in the best situation possible to collect these surplus funds.

If you need a surplus funds lawyer, Haynes Law Group will represent a homeowner in any county in Florida! Reach out to us today for a free consultation.

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