Surplus Funds Recovery

As a surplus funds attorney at E. Albert Law, I help Georgia residents recover surplus funds owed to them after a foreclosure sale of their home at auction.

Surplus funds, also known as excess funds, overages, or excess proceeds, are left over funds that may be claimed by a homeowner when a foreclosed property is sold at auction for more than what was owed in mortgage payments or property taxes.

At times, some homeowners are not able to keep up with mortgage payments or pay the back taxes owed on their property.

When this happens, homeowners can lose their homes in what is called a tax sale, sheriff's sale, or a mortgage foreclosure sale, which is a public auction where foreclosed properties are sold to the highest bidder in order to pay off the debt.

Sometimes a foreclosure sale generates more money than required to pay off the debt, resulting in excess funds.

Any excess funds from a tax or mortgage foreclosure sale are subject to priority claims. This means that those persons/parties with a superior right may recover the funds.

Excess funds may be claimed by the person who owned the property at the time of the foreclosure sale, the owner of each security deed that affects the property, or any other party that has a lien or recorded equity interest in the property at the time of the sale.

The lender or the county cannot legally keep any money exceeding what was owed to them unless the overage funds remain unclaimed for a certain amount of time.

Depending on the laws of the state, the previous property owner has anywhere from a few months to a few years to claim surplus funds. However, if the money remains unclaimed for too long, the funds become the property of the county or the lender.

In Georgia, claimants have up to 5 years after a tax sale to claim overages before the funds are paid to the state.

Surplus Funds Attorneys Can Help

As a surplus funds attorney, I have experience working with county governments and trustees to process claims in the least amount of time in order to help claimants recover their funds as soon as possible.

I have helped Georgia homeowners recover anywhere from $5,000 to $200,000 in mortgage overages and tax overages that rightfully belonged to them after a foreclosure sale.

We work on a contingency fee basis with our clients, so if we are unable to recover funds, you do not have to pay.

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

Attorney Esther Mesidor

E. Albert Law