What Happens to Your Equity after Foreclosure

With the recent increase in housing prices, we are seeing more homeowners with equity being foreclosed than ever before. In some cases, the homeowner has $150,000 or more in equity on the mortgage at the time of foreclosure. If the property sells at the foreclosure auction to a third party bidder for more than the balance on the loan, the original homeowner is entitled to the surplus funds. Actually recovering surplus funds from your lender that sold the property in foreclosure is not always so simple.

Building equity in a property is one of the primary reasons that people make the leap from renting to owning. Homeowners that have worked towards building equity in their home only to lose the property in foreclosure shouldn’t be penalized for all the money they did pay off on the loan. Many people that go through the foreclosure process and did lose their home in a trustee sale we not aware that they are entitled to the excess funds from their equity on the mortgage. Lenders are not quick to tell you about the money you’re owed from the foreclosure, and in order to recover the funds, you must take action. As most people that have gone through foreclosure already know, navigating the court system maze is much easier when guided by a knowledgeable foreclosure attorney. Our foreclosure attorneys help Californian’s recover surplus funds from foreclosure fast because we know how important it is to get your money back.

Most surplus funds cases that we accept come from Californians that have already tried the recovery process on their own without results. There is no manual telling you what paperwork and documents need to be filed in order to expedite your payments and get the money that you’re due back in a timely fashion. Hiring a mortgage attorney to help you collect excess funds from foreclosure is the smartest, and fastest route available.

Get Your Surplus Money Back Fast

In cases where homeowners are owed in excess of $100,000 from a foreclosure surplus fund, getting the money back quickly is key. This money can be used for a down payment on another property, to purchase a car, or simply save and earn interest. Every day that you are not in possession of the money you’re owed is lost revenue for you and your family. We will work on your behalf to push the lender to cut you the check for surplus funds as fast as the system allows. This process typically takes weeks, rather than months, when done properly.

Your lender may act nice on the phone, and tell you that they’re willing to issue you a payment immediately, but that rarely happens. In order to get started with our foreclosure attorney, we will need to learn a bit about your situation, including the specifics about your mortgage balance at the time of trustee sale.

Start Recovery Your Foreclosure Surplus Funds Now

As we mentioned, delaying recovery of your foreclosure surplus funds can cost you more than you’ve already lost. Call our office today to speak with an attorney immediately about your situation. We will review your scenario and tell you exactly how we can help you starting today. Please be sure to have the most recent mortgage statements and address of the property ready for review so that we can quickly make a determination on how you should proceed. We look forward to speaking with you.

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