What are foreclosure refunds? Many homeowners are unaware that they are entitled to cash (foreclosure refunds) from their foreclosed property after a foreclosure auction has taken place.
Foreclosure refunds are the result of foreclosure auctions that happen after a property is foreclosed because of an unpaid mortgage loan. The lender then puts it up for auction and then the property is sold to the highest bidder.
The difference of the unpaid balance and selling price of a foreclosed property is called the foreclosure surplus or foreclosure refunds . By law, this amount should be awarded to the prior most recent owner of the property.
The previous owner of the property is usually notified by the state officials regarding these foreclosure refunds after the sale is completed.
However, if the person has moved due to the foreclosure or relocated to a different state, they often are unaware that remaining surplus funds are available.
This is why working with the seasoned professionals at Overage Refund Specialists is beneficial!
Our team works to discover if there is an unpaid balance in the form of a foreclosure refund waiting to be claimed and takes the necessary steps to recover it for our client.
Although the amount money after a foreclosure varies, it is often a big help for those people who are needing to pay for rent or a new down payment as they start their lives in a new place.
Because of procedural technicalities, filing for foreclosure refunds can be complicated, especially when there are other entities that also have claims to the property.
Working with our team allows you to consult with professionals who have a track record in processing surplus fund claims and obtaining foreclosure refunds for our clients.