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Florida Mortgage Foreclosure Surplus Funds: A Former Florida Homeowner’s Right

In Florida, there are hundreds of Mortgage Foreclosures that occur every day of the week. Having one’s property taken from them can be truly devastating, especially when it is due to circumstances outside of their control, such as the one we have been experiencing with the ongoing COVID-19 pandemic. However, in some cases, when a Florida property is sold at a Florida mortgage foreclosure auction it may not be the end of the road for the former Homeowner. I say this because there is a chance that there may be what is known as “Surplus Funds” available after the Florida mortgage foreclosure sale of the Florida property. Florida Statute 45.032(1)(c) states that “’Surplus funds’ or ‘surplus’ means the funds remaining after payment of all disbursements required by the final judgment of foreclosure and shown on the certificate of disbursements.”

For example: If a Final Judgment is entered in a Florida foreclosure action in the amount of $100,000 and the property sells at a foreclosure auction for $150,000, then there will be a surplus of funds in the amount of $50,000 retained by the Clerk of Court!

What many former Florida Homeowners don’t know is that if there are surplus funds remaining after the recent Florida mortgage foreclosure sale of their Florida property, then they are entitled to, or eligible to file a claim for, said surplus funds. Per Fla. Statute 45.032(2), “There is established a rebuttable legal presumption that the owner of record on the date of the filing of a lis pendens is the person entitled to surplus funds…”. Surplus Funds can make all the difference for a former Homeowner, who has just lost their home, as these funds can help them get back on their feet and assist them in their relocation to a new home.

If you are reading this as a former Florida Homeowner whose home has recently been sold at a Florida mortgage foreclosure auction and would like to know if there are surplus funds available for you to claim, then 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 as well as answer any questions that you may have. If there are surplus funds available to be claimed, then I will also provide you with a personalized strategy as to how we can assist you with the filing of your claim.

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 mortgage 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 which 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!

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