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Surplus Proceeds From Mortgage Foreclosure Sales
Helping South Florida Clients Recover Proceeds From Foreclosure Auctions
At SHAMY, EL FADEL & MAHONE we are knowledgeable, experienced and versed in protecting Florida Residents’ rights as homeowners. After the massive drop in home values, numerous homes were subject to foreclosure by the banks. After the bank receives a judgment in any foreclosure case, and the home is auctioned, the home owner has a right to claim the surplus proceeds arising from the transaction. SHAMY, EL FADEL & MAHONE, who has been defending homeowners for over a decade, can now assist former homeowners who had lost their home to foreclosure with the collection of the surplus proceeds from the auction of their foreclosed home.
If you are a homeowner, and your house sold at auction for more than the lender was owed as a result of an auction arising from foreclosure judgment, then you, as the homeowner, deserve to receive that surplus. Call the attorneys at SHAMY, EL FADEL & MAHONE at 561-939-8042 for Palm Beach County, and 954-956-7676 for Broward County for your free consultation and to learn more about the process of helping you collect the surplus funds from your foreclosure auction sale.
Surplus Proceeds at Foreclosure Auctions Involving One Lien Holder
If you only have one mortgage on your property, then any proceeds from the sale of your home at a foreclosure sale by auction are rightfully yours. For instance, perhaps your home was subject to foreclosure as a result of a $100,000 finance lien on your property, and at auction post foreclosure judgment, your home is sold for $125,000. You would be entitled to receive the $25,000, which are the surplus proceeds from the sale of your home by auction due to foreclosure.
However, there is a specific legal procedure and process that must be followed to obtain the surplus funds. If you do not go through each step by and through the proper legal procedure, the money will most likely stay with the state or be abandoned. To ensure you receive the money that is rightfully yours from the auction of your home lost to foreclosure, contact our firm, whose main offices are located in, Boca Raton, Florida for your free consultation today. We are fully versed, and experienced in the necessary steps and legal procedure to obtain the surplus funds, and we can often obtain this money quickly on your behalf through the legal process of filing the proper pleadings with the Court for the release of the surplus funds.
Surplus Proceeds at Foreclosure Auctions Involving More Than One Lien Holder
On occasion, homeowners have a first and a second mortgage or second lien on their property, sometimes known as a junior lien, and at the time the first mortgage lender forecloses on their property. If your house is sold at auction due to foreclosure judgment being entered against your interest in your residence or home, and there are surplus proceeds, it is important to understand that the second lien holder is also entitled to those proceeds for a period of time from when the surplus proceeds are deposited after the auction sale by foreclosure. In these situations, you may be facing a legal battle to collect the surplus proceeds, but you do not have to face it alone. If the junior lien holder fails to tender their claim within the proper time prescribed, you may be able to contest their right to claim their lien. Contact SHAMY, EL FADEL & MAHONE and our Surplus Funds attorneys can assist you with defending your rights to receive the surplus proceeds.
If you have lost your home to foreclosure auction, and your loan was less than what your home was worth and ultimately auctioned for you may be eligible to receive the surplus funds from the sale of your home by foreclosure auction. For more information or for help obtaining surplus proceeds arising from your the sale of your home by foreclosure auction, call SHAMY, EL FADEL & MAHONE, at 561-939-8042 for Palm Beach County, and 954-956-7676 for Broward County, e-mail us at info@ks-law.com, or complete a form on our website to inquire for our service. We are happy to offer you a free consultation.
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