We are occasionally contacted by one or two parties who have Foreclosure Surplus Funds that they may be able to claim, but there are many other family members who might also be able to make a claim. The question becomes, can I represent just one or two of those family members who have a claim, or do I have to represent all of them? My immediate answer is usually no, it doesn’t have to be everyone. However, it certainly makes things easier if all claimants are working together to obtain the funds.
The more people involved in the surplus funds case, the more likely it will slow down the process, especially if those people aren’t in agreement as to who should get what percentage. For instance, if someone passed away leaving the surplus to a foreclosed property to their children, then the children would automatically be able to get the funds based on Florida Statute 45.033(2)(b). It states in relevant part, “An involuntary transfer or assignment may be as a result of inheritance.” But what if one of the children has also died leaving their own children as heirs? Those children (grandchildren of the original owner) have a claim. This adds more people into the mix. The children and grandchildren of the deceased could each hire their own attorneys and will all be vying for a percentage of those Florida Foreclosure Surplus Funds.
The more complicated it gets, the judge may request an evidentiary hearing to determine who gets the funds, including whether any subordinate lienholders are to receive any of the funds. Sometime, if there is a great deal of contention between the different heirs, a probate may need to be done before the judge will allow for a disbursement of those funds. However, if everyone can come to an agreement prior to the filing of the motion for disbursement of surplus funds, it will make this much less complicated.
A qualified Florida Foreclosure Surplus Funds attorney can help make the process less complicated and move faster through the courts. If all parties are represented by the same attorney, and you can show there are no other parties (or subordinate lienholders) who can make a claim, then only one motion for disbursement of the funds needs to be filed. Once the attorney has obtained the funds, they will get deposited into his Trust Account. A trust account is held to make sure the money doesn’t intermingle with any other funds the attorney may hold and your attorney is held by very strict standards and rules as to how those funds are distributed to his clients. You won’t find the same consideration from a surplus recovery agent.
I have handled many cases where multiple family members are seeking the surplus funds and I can tell you from experience that it is much easier if all of the family members are in agreement. Sometimes everything can be done in a single hearing and we can get the funds from the clerk of courts rather quickly. However, in the case of some family members not being in agreement, it can take multiple hearings.
If you feel that you are due Florida Foreclosure Surplus Funds and some of your family members might also be entitled to it too, give me a call. I would be happy to give you and the other family members a free consultation to discuss your case. I handle Foreclosure Surplus cases in every County in the State of Florida, and I don’t get paid unless you do.