Florida Foreclosure Sale Surplus Funds - Why You Shouldn’t Hire A Third-Party Foreclosure Surplus Funds Recovery Company To Recover YOUR Florida Foreclosure Surplus Funds

Foreclosures in Florida

If you are reading this, then chances are that you’ve been contacted by a, or multiple, Third-Party Foreclosure Surplus Funds Recovery Company(ies) due to the recent Florida foreclosure sale of your Florida property. The reason these companies are contacting you is because there is most likely what is known as surplus funds remaining after the Florida foreclosure auction of your property. Please allow me to explain what Florida foreclosure surplus funds are before I delve deeper into why you shouldn’t hire a Third-Party Foreclosure Surplus Funds Recovery Company to assist you with the recovery of your surplus funds.

What are surplus funds? You may be wondering. According to Florida Statute 45.032(1)(c), Surplus funds are “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 of foreclosure is entered against a Florida property in the amount of $50,000 and the Florida property is sold at a Florida foreclosure auction in the amount of $100,000, then there will be a surplus of funds in the amount of $50,000 for the former Homeowner to claim! Florida Statute 45.032(2) states “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 after payment of subordinate lienholders who have timely filed a claim.”

As you can see, this windfall of money sitting in the Court’s registry can be the difference as to how you, or other former homeowners, recover after going through the tragic event of losing your home to foreclosure. However, beware, Third-Party Foreclosure Surplus Funds Recovery Companies often stalk Florida Clerk of Court foreclosure auction websites and can find out about the surplus funds remaining in the Court registry almost immediately. Hence, why you began receiving calls from these companies immediately after the foreclosure sale of your home. Moving on, most, if not all, Third-Party Surplus Funds Recovery Companies are greedy and predatory. They will often charge large contingency percentages and will almost always have you sign what is known as an “Assignment of Interest.” The Assignment of Interest is a document that assigns away a former homeowner’s rights to the surplus funds over to the Third-Party Company.

Moreover, oftentimes I’m contacted by former Homeowners seeking to hire me to assist them with the recovery of their Florida foreclosure surplus funds after already hiring a Third-Party Surplus Funds Recovery Company. Most of the time, I’m able to help the former Homeowner(s) by coming to an agreement with the Third-Party Surplus Funds Recovery Company’s Attorney. However, if the surplus funds have already been disbursed by the Court to the Third-Party Company, then there is not much that can be done. Thus, why I advise that you not sign anything that is received from a Third-Party Foreclosure Surplus Funds Recovery Company until you have consulted with an experienced Florida Foreclosure Surplus Funds Recovery Attorney first. By consulting with an experienced Attorney, you can gain invaluable knowledge when it comes to understanding your rights tothe Florida foreclosure surplus funds that are available.

If you are reading this as a former Florida Homeowner and have been contacted by a Third-Party Surplus Funds Recovery Company, then please give me a call and I will personally give you a free consultation. During our consultation, I will confirm whether 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 can assist you with the recovery of said funds.

At Haynes Law Group, P.A., we have experienced Attorneys who are well-versed in the Florida statutes governing Florida homeowners’ claims to Florida foreclosure surplus funds and have helped to recover millions 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.

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