What Are Tax Deed Foreclosure Surplus Funds?

Haynes Law Group

Today, I will be going over Tax Deed Foreclosure Surplus Funds and what they are. First and foremost, many Florida Homeowners may be going through what is known as a Tax Deed Foreclosure Sale. A Florida Tax Deed Foreclosure Sale occurs when a Florida Homeowner becomes delinquent on their property taxes, and the County, in which the taxes are due, sells the tax certificate for the delinquent property taxes to athird-party commonly known as the Tax Deed “Certificate Holder”. However, what many Florida Homeowners don’t know is that once this occurs they are now obligated to pay, or in layman’s terms, re-pay the Tax Deed Certificate Holder within 2 years of the Certificate Holder’s purchase/payment of the delinquent property taxes for the subject property. Should the Florida Homeowner not repay the Certificate Holder within the allotted time the subject property will go to Foreclosure Auction.

If, you are a former Florida Homeowner whose property has been sold at a Florida Tax Deed Foreclosure Auction allow me to be the first to tell you that this may not be the end of the road for you. I say this because there is a chance that there may be Tax Deed Foreclosure Surplus Funds available to you after the Florida Tax Deed Foreclosure Sale of your home.

Florida Tax Deed Foreclosure Surplus Funds are: the balance of undistributed funds that have been retained by the Court after the governmental units, or liens, have been paid, if any, once the Florida Tax Deed Foreclosure sale of the subject property has taken place.

Most Florida Tax Deed Foreclosure Surplus Funds are the direct result of a “bidding war”, in which potential investors, or bidders, outbid each other in order to purchase a property for cheaper than what said property would actually sell for on the open market. Most investors will then attempt to “flip” the property to make a profit. However, when the bidders for a specific property are determined to outbid each other they can actually end up paying more for the property than what was actually owed. Thus, resulting in a surplus of funds.

For example: If there are delinquent property taxes in the amount of $20,000, and the delinquent property taxes are the only “lien” for the Florida property, and said property is sold at a Florida Tax Deed Foreclosure Auction in the amount of $100,000, then there will be a surplus of funds in the amount of $80,000!

If your Florida property has been sold at a Florida Tax Deed Foreclosure Auction and you believe that there may be Surplus Funds available to you, please give me a call and I will personally give you a free consultation. During our Consultation, I will confirm whether or not there are Surplus Funds available to be claimed and what the Surplus Funds claim filing process will be like for your specific case.

At Haynes Law Group, P.A., we have experienced Attorneys who are well versed in the Florida Statutes governing former Florida Homeowners claims to Florida Tax Deed Foreclosure Surplus Funds and have helped to claim hundreds of thousands of dollars for former Florida Homeowners. We represent former Homeowners all over the state of Florida, no matter what county they are in, and will work tirelessly to ensure that you receive the Gold Standard of Legal Service. Best of all, we represent our Clients on contingency which means we don’t get paid unless you do!

Related Posts
  • If I Sold a Property and Then it Goes to Foreclosure Auction and There Are Surplus Funds Can I Claim Them? Read More
  • Florida Condominium Association Foreclosures and Surplus Funds Read More
  • Does The Haynes Law Group Work with Third-Party Surplus Funds Recovery Companies? Read More