If you have ever wondered what happens to unclaimed surplus funds from either a Tax Deed Sale of property or from a Foreclosure Sale of property, the Florida Statutes have laid out specific rules and timelines.
Florida Statute, 45.032 deals with the disbursement of surplus funds after a judicial sale. One year after the sale of the property, any surplus funds remaining with the clerk of the court that has not been disbursed to anyone claiming a right to the funds, will be reported and turned over to the State. If it continues to remain unclaimed, it is deposited into the State School Fund, where it is used for public education. Does that mean your surplus funds are gone forever? No.
Under Florida Statute 717.117, once the unclaimed funds have been sent to the State, these funds can still be claimed (there is no statute of limitations on unclaimed property), but you need to follow very specific rules in order to claim these funds. This means that even if the sale was many years ago, you may still be able to claim those surplus funds. According to the Florida Division of Unclaimed Property, run by Florida’s Chief Financial Officer, Jimmy Patronis, the State of Florida currently holds unclaimed property in excess of $1 billion. Could some of those funds belong to you?
If your home or the home of a deceased relative has been sold at a Foreclosure or Tax Deed auction, and you feel like you are due the surplus funds, the best way for you to claim these funds is to hire an experienced attorney to make sure you get everything you are entitled to. Here at the Haynes Law Group, our experienced attorneys handle Surplus Funds from Foreclosure and Tax Deed sales all over the State of Florida. We understand all the legal hurdles that may arise and are well equipped to get you the funds you may be entitled to.
If you think you may be entitled to foreclosure or tax deed surplus funds in Florida, please call my firm and I will personally give you a free consultation.