Has an Investor or “Finder” Contacted you to Help You Claim Your Surplus Funds?
READ THIS FIRST!
Don't sign anything until you contact us!
To recap surplus funds: When a property is sold due to foreclosure in North Carolina, and the winning bid is greater than the balance of the loan, that excess is called ‘surplus funds.’ When that happens, the foreclosing party must account to the clerk of court for all costs associated with the foreclosure, then deposit those surplus funds with the clerk of court, who hold the funds until claimed by the rightful owner (typically the owner who the foreclosed upon).
NOTE: if you haven’t read our previous posts on Surplus Funds, please read this and this first.
While the foreclosing party and the clerk of court may send out notices to the former owner that they may be entitled to surplus funds, often it does not reach the owner because they have, of course, moved.
Because Investors can obtain information about surplus funds (foreclosure sales are public record), they may then offer to buy your interest in that money.
CASE NOTE: I know of a case where the owners of surplus funds were unaware their funds existed, and were offered a mere three percent (3%) for signing over their interest in the property and surplus funds, and were not even told how much the actual surplus was!
DON’T LET THIS HAPPEN TO YOU!
Bottom line – If you get any inquiries about selling your interest in surplus funds, call us! We are experienced with the ethical and legal way to reclaim surplus funds to which you are entitled.
Avoid signing anything regarding your surplus funds claim until you..
