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Florida Foreclosure Sale Surplus Funds and Tax Deed Sale Surplus Funds – What Exactly is a Contingency Fee?

At the end of most of my blogs, I often state, “and I don’t get paid unless you do.” What exactly does this mean? This means I work on a “contingency basis” for these Florida Foreclosure Sale Surplus Funds and Florida Tax Deed Sale Surplus Funds cases. “Contingency” means a sum of money that an attorney will receive as a fee only if he/she wins your case. This is the same as all of the personal injury and car accident attorneys you see on television or hear on the radio. The difference is their contingency fees are controlled by the rules set forth by the Florida Bar. Those rules cap the contingency fee to a specific percentage depending on how much they win.

The amounts in surplus from a Florida Foreclosure Sale or Florida Tax Deed Sale tend to be much lower which is why my contingency fee tends to be a lower percentage. Often, my fees are based on how much work I will likely need to do to make sure you get the maximum amount you are due. Sometimes this percentage can increase if a probate needs to be done. A probate can take more time and effort and will incur additional court costs.

But how is this any different than a third-party surplus recovery company and their contingency fees? For starters, you would have to sign over all of your rights to the Florida Foreclosure Sale or Tax Deed Sale Surplus Funds to the third-party surplus recovery company. For the surplus recovery company, their contingency fee is capped by Florida Statute 45.033(3)(d) which states, “The total compensation paid or payable, or earned or expected to be earned, by the transferee or assignee does not exceed 12 percent of the surplus.” However, they tend to include a “consultation fee” that can add as much of an additional percentage as they want. I have seen as much as 60 percent added as a consultation fee. This means they get far more of the funds than you do. And if that isn’t enough, they have to hire an attorney to file the motions and pleadings with the court, whose fees you could also be on the hook for. My consultations are completely free, and I only get the contingency fee if I recover the funds for you. You will know up front exactly how much my fees are based on the percentage I quote you.

This is why I urge people to not sign over their rights to the Florida Foreclosure Sale or Tax Deed Sale Surplus Funds to a third-party surplus recovery company. They hide what their fees are, and, in some cases, they will disappear with your money. If you hire me, you will know right up front what the percentage is and you will never sign over your rights to me. I will represent you and make sure you get the maximum amount of the funds you are due. My contingency fees are based solely on how much work I need to do to get you your funds. Additionally, I am beholden to the Florida Bar and their rules of ethics.

If you sign over your rights to the surplus funds to a third-party surplus recovery company, any attorney they hire is not representing you. They are representing the surplus recovery company. Because of this, you will probably never hear from or speak to the attorney handling your case. They won’t know anything about you and what your particular circumstances are. That attorney represents the surplus recovery company, and they won’t care how much the surplus recovery company is charging you for your funds. They are only looking to how much they are being paid to get the funds for the surplus recovery company. When you hire a qualified Florida Foreclosure Sale Surplus or Tax Deed Sale Surplus attorney, like me, I will be able to discuss directly with you everything about your case. I represent you directly and I care about you and making sure you get the most out of the funds you are due.

If you or a deceased family member have lost your property to either a Foreclosure Sale or a Tax Deed Sale anywhere in the State of Florida, and you believe there are Surplus Funds, please give me a call for a free consultation. I handle Foreclosure Sale Surplus and Tax Deed Sale Surplus funds cases in every county in the State of Florida, and remember, I only get paid if I retrieve the funds for you.

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