What Are Mortgage Overages?

Our law firm has recovered millions of dollars in mortgage surplus funds for property owners who thought all was lost after a foreclosure. 

Mortgage overages are the surplus funds left over when a foreclosed property is sold at a foreclosure auction for more than the remaining mortgage owed to the lender.

In Georgia, when you get behind on your mortgage payments, the bank or lender can foreclose on your property without going to court. 

That is called a non-judicial foreclosure. 

Typically, the lender will hire a private attorney or law firm, named a trustee, to coordinate the foreclosure.

Similar to a tax sale, the trustee will then hold a mortgage foreclosure auction to sell the home in order to collect anything that you may owe on the property, including missed mortgage payments, interest, and any fees.  

This is where mortgage surplus funds come in. 

If the property is foreclosed on for more money than what you owed, that money does not belong to the lender. 

In most cases, the leftover money belongs to the former property owner—YOU.   

Think of this money as equity in your previous property that is owed back to you, not the bank. The lender is only able to keep the amount that you actually owed.

This means that, sometimes, a foreclosure can be financially beneficial. These overages can often be a windfall that former property owners were not expecting. 

If you lost your home in a foreclosure for missed mortgage payments and the property was later sold at auction for more than what you owed, our attorneys can help you recover the surplus funds that you are entitled to. 

Call E. Albert Law at 678-664-4878 for your free consultation or email us at surplusfunds@ealbertlaw.com.

Attorney Esther Mesidor

E. Albert Law