How to Recover Surplus Money After a Foreclosure in West Palm Beach

Having to go through a foreclosure not only leads to the loss of a property, but this process can also lead to stress, emotional, and financial problems that are difficult to resolve.

And although it is an unfortunate experience to have to assimilate the consequences of a foreclosure process, it is true that in many cases this can be less unpleasant if the affected person ends up with some money after the process is completed.

In many cases, people affected by foreclosure are unaware that after the process is completed, there is still surplus money that belongs to them and that they often do not claim. But how to know?

The owner must be aware of the sale price of their property once the foreclosure process is completed. If it is verified that the property is sold for more than the amount they owed, that surplus money belongs to them. If the affected person does not make their respective claim for a refund, this surplus money will pass into the hands of the state.

The city of West Palm Beach offers the affected owner the option to make the claim effective, even if the former owner has not claimed the extra money that was due to them after the foreclosure is completed.

To recover the surplus money from the foreclosure process, it is advisable for the affected person to consult with a lawyer or the appropriate people who can provide the necessary advice and information for the refund and who can take charge of returning those extra funds that belong to them. Normally, this claim is a difficult and tortuous process not to be carried out by people inexperienced in the matter.

What owners need to know is that not only do they have the right to claim those extra funds from the property that has been foreclosed. If the owner still has unresolved liens on the property, the holder of these can also be part of that claim and benefit from this extra money collected from the sale of the property; that is, those who have other mortgages, unpaid work debts, or any person who has another tax or lien signed on the property with the former owner can participate in that claim for the extra money.

The law of West Palm Beach stipulates that to proceed with the claim of the extra funds that arise after the sale of the foreclosure, interested parties will have up to two years to make the claim effective. If during the claim or right of refund of the extra funds the court has several interested parties, priority will be given to other people who legally have liens stipulated on the sold property.

Those interested in the refund of these extra funds must be very aware of the time that West Palm Beach has determined for the claim. Once the deadline is over, this money will pass to the funds of the state of Florida, and it will be much more difficult for the money to be claimed.

Not everything is over with the completion of a foreclosure process; it is still possible that there is extra money that can become a financial relief for a former owner. Therefore, we recommend that owners seek proper advice and pay close attention to everything related to the foreclosure of the property they have in difficulty.

Available Foreclosures:

West Palm Beach: 120 homes available.

Florida: 1500 homes available.

By Elías DaSilva | 04 de Noviembre de 2024.