In case you have one of your properties under mortgage, you have surely well known with the term surplus funds. As a matter of fact, sometimes the burden of the mortgage payments turns out to be heavy on the owners. As a result, they failed to pay back the taxes and mortgage payments.
In such cases, the authorities organize a public auction on the mortgaged property. Specifically, in these cases, the owner loses the ownership of their property. This incident is referred to as Tax Sale or mortgage foreclosure sale. As a matter of fact, in tax sales the authorities sell the property on debt to the highest bidder in the auction.
Sometimes the amount received from selling the mortgaged property is more than the unpaid debt. Specifically, this excess fund is known as surplus funds or tax sale overages.
If you are residing in Atlanta or your property location is in Atlanta, you need to know few facts. As a matter of fact, if your property is going through mortgage recovery auctions, you surely need to know these facts about Surplus funds.
If your mortgaged property earns more than the debt amount, you can receive the surplus or excess funds. As a matter of fact, the foreclosing trustee collects the surplus funds. Specifically, the trustees collect the funds on behalf of the property owner.
You need to keep in mind a very specific fact if you have moved to a new place. As a matter of fact, if your foreclosure trustee doesn’t have your current address, you may never receive the notice from the court. Hence it becomes your liability to keep in touch with your trustee. Thus you can receive the surplus fund if you are eligible to receive.
As a matter of fact, one cannot just simply apply for receiving surplus funds. There are few specific processes. Specifically, after the trustees complete the sale of the property, the surplus funds are deposited o the superior court. Later, the court sends the notice to the previous property owners within 20 days.
Moreover, parties having interest in the excess fund can also claim the fund. Thus you need a proper legal assistance, once you receive the superior court notice.
A property owner is unable to know if their property has excess funds after the sale or not.
Apart from the court order, the consumer can also receive letters about their excess fund collection from companies and individuals.
It is certain that a company or an individual from outside the state are unable to know the exact and proper laws. Specifically, they do not follow the proper laws of Atlanta, Georgia. As a matter of fact, they cause trouble in collecting surplus funds rather than making the way easy.
Anybody related to your mortgaged property can apply for the surplus funds. As a matter of fact, the person needs to file a motion. Then, they have to wait until the court looks upon the matter and pass an order.
Specifically, the person needs to submit proper documents and reason which makes him eligible for the surplus funds. The court will not allow disbursement of the fund if the person fails to submit proper supportive documentation.
There are few processes before you can claim the surplus fund. As a matter of fact, after the trustees sell the property, the surplus fund is submitted to the court. The court will then send notice to the owners and related candidates.
If you take actions quickly, it is possible you can receive the fund within a month or two.
Before receiving the surplus funds you need to hire a legal assistant. As a matter of fact, you can deal with the situation of your own.
But it is true that one cannot know every specific law related to the case. Specifically, you need to collect the surplus funds without any hectic schedules. Hence, the cost you have to bear in collecting the surplus funds depend on you and your decision.
Especially in Atlanta, Georgia, you can receive legal assistance from renowned professionals within affordable cost.
Complications may arise in case of claiming and receiving the surplus funds. As a matter of fact, the mortgaged property can have more than one owner. Moreover, there can also be more than on debt on the property.
In such cases, complication arises in receiving the surplus funds. Specifically, the other parties waiting to receive the debt amount can oppose your motion to the court. Eventually, this will make your appeal complicate.
Once the trustees sold your mortgaged property, they send the report to the superior court. If any kind of excess funds exists, the trustees submit them to the court. Specifically, the court then examines the fund and the related owners who can claim the fund. Then the court sends notices to the owners. As a matter of fact, you can apply to claim the fund only after you have received the notice from the court.