WHAT IS THE SURPLUS FUNDS RECOVERY BUSINESS?
What are surplus funds?
Surplus funds, also known as excess proceeds, mortgage surplus, or tax overbids, arise when a tax or mortgage foreclosure auction results in a sale price that exceeds the amount owed to the county or bank. This excess amount is payable to the previous owner or their legal successors.
What is a foreclosure of a property?
When property owners fail to pay their local or state taxes for an extended period, the county initiates a foreclosure process, leading to an auction of the property.
What happens during the foreclosure process?
The primary aim of the county is to recover the outstanding taxes, and if the auction generates a higher amount than the taxes due, the surplus funds are held for the previous owner or their legal representatives. Similarly, in mortgage foreclosure auctions, banks seek to recover their outstanding loan balance through the sale of the property.
Why are surplus funds so important?
Surplus funds play a crucial role in compensating property owners or their legal successors for the excess amount generated from tax or mortgage foreclosure auctions. It is crucial to determine the legal process for claiming these funds, as they can provide much-needed financial relief to those affected by foreclosure. In summary, surplus funds are an essential aspect of tax or mortgage foreclosure auctions. By recognizing their significance and navigating the legal processes involved, affected individuals can access the financial benefits they deserve.
Why should I work with a foreclosure surplus funds recovery company such as LTS Resources?
While individuals have the option to file for their own tax surplus funds, the process can be lengthy and intricate, often necessitating the involvement of an attorney and navigation of legal channels. This can be daunting for many people, who may lack the necessary knowledge or resources to pursue the funds independently.
What happens during the foreclosure surplus funds recovery process?
The complexity of the process is a key factor. Claiming tax surplus funds involves interacting with the court system, submitting legal paperwork, and fulfilling specific requirements. This can be overwhelming for those without a legal background or prior experience with such procedures. Additionally, the cost of hiring an attorney to assist in the process can be prohibitive for some.
What discourages individuals from pursuing surplus funds?
Many individuals may not be aware that they are entitled to these funds. After facing eviction due to unpaid taxes and the stress of dealing with bill collectors, it's understandable that some people might want to distance themselves from the property and the situation. They may assume that their association with the property has ended and they are not entitled to any remaining funds. This can lead to a lack of motivation to pursue the funds independently.
While people have the ability to file for their own tax surplus funds, various factors discourage them from doing so. These include the complexity of the process, the potential cost of legal assistance, and a lack of awareness about their entitlement to the funds. These challenges highlight the importance of raising awareness about the availability of tax surplus funds and providing accessible means for individuals to obtain them.
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What happens if my property sells for less than the asking price during the foreclosure process?
The majority of the time the mortgage company is known as a lienholder. And they have the authority to put a lien on a house. First, the company will go to the court and sue the homebuyer in order to get the remaining funds that are owed. This is called a deficiency judgment from the court. If the homebuyer does not pay the remaining funds, the mortgage company can legally garnish your wages or levy your bank account.
What benefits do I gain?
The recovery of surplus funds can be transformative for individuals facing financial difficulties, especially those who have faced property foreclosure due to unpaid taxes. This money can provide a much-needed lifeline, enabling them to move forward and start anew. The surplus fund recovery process can bring hope to people who have lost their homes and possessions. It offers a chance for them to regain some financial stability and rebuild their lives. By helping individuals access these funds, you can play a meaningful role in their journey toward recovery.
How do I know that I can trust LTS Resources?
The majority of the time if something sounds too good to be true, it normally is. And, unfortunately, as the 21st century has progressed it has become more and more difficult to distinguish between which types of entities are truly in your best interest and which ones are trying to find loopholes, circumvent the process and come up under you and steal all of your information and assets.
First, when you contact us and we access your information, you have to sign a Non-Disclosure Agreement. It contains the stipulations and terms that we have to abide by when conducting business with clients. Also, no upfront fees are charged as we look at your information. This website does not contain any payment forms. Their are no subscriptions or products that have to be purchased.
An extensive process of accessing your information, figuring out how much the property sold for and proving to the judge that a property sold for a certain amount has to happen. When the process goes through and the money is received, the government is the one that pays our company. Then, the client is paid thereafter. If information is obtained from a client and used for other purposes, a business can be reported from fraud to the Better Business Bureau. It can even be investigated and closed down.
So just know that you can trust LST Resources. We take our time with the surplus recovery process by assessing all variables, conducting proper research of the location, and gaining access to all the financial information that is necessary such as deeds, trusts, wills, estates, credit reports, etc. No quick, empty promises are made to any clients overnight. The process for a bidder to have legal ownership of a house normally takes about 2-3 months total.
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