Over the last three years, I have published over 55 blogs regarding Florida foreclosure surplus funds. Many of these blogs inform owners to avoid assigning away their surplus funds rights to a surplus company, as well as advice on how to actually collect. Yet, I wanted to get back to the basics in this blog. What is the first step in collecting foreclosure surplus funds in Florida?
In a surplus context, after the foreclosure occurs, many people think because the property sold for more than the final judgment that a surplus exists. This is not always the case. I have encountered many times where the third party purchaser puts down the required initial deposit and then fails to pay the remainder within the allotted time period. When that occurs, the sale is invalidated and the plaintiff will have to reset the property to be sold.
Often, the plaintiff will file an Additional Advances and Costs motion with the court. This means the plaintiff (usually the bank) is trying to claim additional funds from what their final judgment indicates. This can include a property inspection fee, accumulated interest, attorneys fees, publication costs, etc. The further back the Final Judgment was entered, the higher the surplus amount the plaintiff will seek after the sale.
So to answer the above question, the first step is indicating whether surplus funds even exist! This is not just as simple as checking the certificate of disbursements, because the plaintiff will usually not file their affidavit for surplus until after the certificate of disbursements is filed.
Collecting foreclosure surplus funds is not a simple endeavor as many think. This is why I continuously try and educate Florida on this vague area of law.
Call me today for a free consultation. Should you hire me to represent you in your pursuit of surplus funds, I will not get paid unless I win and I collect for you!
Whether you are looking for an Orlando foreclosure surplus collection lawyer, Palm Beach foreclosure surplus collection lawyer, Tampa foreclosure surplus collection lawyer, Pasco County foreclosure surplus collection lawyer, Jacksonville Florida foreclosure surplus collection lawyer, Walton beach foreclosure surplus collection lawyer, Daytona beach foreclosure surplus collection lawyer, Miami foreclosure surplus collection lawyer, Fort Lauderdale foreclosure surplus collection lawyer, Sarasota foreclosure surplus collection lawyer, Fort Myers beach foreclosure surplus collection lawyer, Miami Beach foreclosure surplus collection lawyer, West Palm Beach foreclosure surplus collection lawyer, Kissimmee foreclosure surplus collection lawyer, Lakeland foreclosure surplus collection lawyer, Clearwater foreclosure surplus collection lawyer, Melbourne foreclosure surplus collection lawyer, or a Pinellas County foreclosure surplus collection lawyer, we will represent parties in any county in the state of Florida!