There is nothing good that comes from assigning your foreclosure surplus rights to a third party asset recovery company. The main concern is losing 100% complete control of your foreclosure surplus funds case.
This is what happens, a property you owned or have an interest in as an heir goes to a foreclosure sale. These asset recovery companies and surplus funds recovery companies then locate your personal contact information. They text message or even show up in person to get you to hire them to go after your surplus funds.
The issue is these third-party surplus recovery companies are not allowed to represent you in court. In fact, the agreement you sign with them is a full assignment of rights in the surplus funds. Meaning, you are contracting for this company to take your place in the case. This company will then hire an attorney to represent its company in court, not you. They file a motion to intervene to become a party to the case themselves. By the way, once you assign your rights over, you are at the sheer mercy (or ignorance) of the third party company. You can’t say, “never mind I want to hire a lawyer”. It’s too late most of the time to switch once you sign.
When you pick and hire your own foreclosure surplus lawyer representation, you never lose control for a minute. What a foreclosure surplus attorney will do is file a notice of appearance to represent you in the case. Meaning, it is mandatory for an attorney to do what is in the best interest of you, not the lawyer’s business.
Next time this third party company tries to convince you to sign with them, ask them who the attorney they hire to get the money is representing. If they say you, the former owner, they are lying to you.
Not only are these third party companies literally just middlemen, with no skill, training or true legal knowledge, but I have seen cases where they steal 100% of a former owner’s surplus funds. That money will never be returned. As a lawyer, I have a legal and ethical obligation to abide by via the Florida Bar of Ethics. This is something third parties do not have.
If you are a homeowner reading this blog, and you’re deciding between hiring a lawyer or assigning your rights to a third party asset recovery company, just know that I have seen hundreds of cases whether the asset recovery company loses the money for the owner.
Hire your own Florida foreclosure surplus funds attorney. Never assign away your rights.
I am one of the leading Florida foreclosure surplus funds lawyers in the state of Florida. I will be happy to give you a free consultation regarding your foreclosure surplus case! 1-888-252-8754.