What happens to unclaimed trust monies?
If the money remains unclaimed Once the funds are two years and one day old, they are considered ‘unclaimed’ (in NSW) and you need to forward them to the Office of State Revenue along with all your correspondence and ‘reasonable attempts’ to find the owner.
How long does it take for unclaimed money to be refunded?
If you paid with a debit or credit card and the payment is cancelled, the money will be refunded to that card. It may take up to 30 days for the refund to appear on your card statement.
Can a foreclosure trustee deposit a surplus fund?
By law, the foreclosure trustee is supposed to deposit any surplus fund that results from the foreclosure sale for the previous owner. However, this may not always be the case. Some prey on the ignorance of homeowners in hopes to deposit more cash in their pockets.
How to find surplus funds or excess proceeds?
1. Google™ (or Bing™) surplus funds or excess proceeds or overbids or excess funds, plus a county or state name – for example, ‘excess proceeds, gwinnett county’ or ‘excess proceeds gwinnett county georgia’. Guys, don’t be silly and use that example.
What happens to surplus funds after a sheriff’s sale?
If a Sheriff’s Sale results in more money than needed to satisfy the foreclosure judgment, fees, costs and commissions, the remaining amounts are referred to as “surplus funds”. Junior lien holders and others have the right to make an application for these funds.
Do you need an attorney to recover surplus funds?
This is why you need an experienced attorney that is familiar with recovering surplus funds. A surplus funds recovery attorney can help you determine how much money is owed to you by the trustee. They can guide you through the entire process of recovering surplus monies.
1. Google™ (or Bing™) surplus funds or excess proceeds or overbids or excess funds, plus a county or state name – for example, ‘excess proceeds, gwinnett county’ or ‘excess proceeds gwinnett county georgia’. Guys, don’t be silly and use that example.
How are surplus funds created in a foreclosure?
– Surplus Funds are created when a property sells at foreclosure for an amount in excess of what is owed against the property, to the foreclosing entity. These exist in mortgage and in tax sale foreclosures.
How to get surplus funds in Washington State?
Many counties in Washington State such as King, Pierce and Snohomish publish a list of properties that have surplus funds available and the procedure to obtain these funds may be different that filing a motion in a superior case. For instance, in Pierce county, a simple application is all that needs to be filed.
How are funds distributed after a foreclosure in Texas?
The primary document which by Texas law governs foreclosures and the distribution of funds by a trustee or substitute trustee is the deed of trust. In the standard deed of trust the funds obtained from a foreclosure sale are to be distributed first to cover the costs of foreclosure and the trustee’s fees.