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Surplus funds are excess or unclaimed money that may arise from various sources, such as foreclosures, legal settlements, inheritances, or dormant accounts. With the money received back from the surplus funds you can pay bills off and get back on your feet.

😊 What Are Excess Proceeds? After a foreclosure sale, if the purchase price exceeds the borrower’s loan balance, the extra amount is called “excess proceeds” or “surplus funds.” These funds belong to the former homeowner, not the lender. Excess proceeds occur when the property sells for more than what’s needed to pay off all liens on the property.

How Are Surplus Funds Calculated? Let’s say your home sells at a foreclosure sale for $550,000, and you owe the foreclosing lender $525,000. The additional $25,000 represents the surplus funds.

Laws Governing Foreclosure Surplus Funds: Laws regarding surplus funds vary by jurisdiction. State law typically dictates how these funds are distributed. The lender is entitled to an amount sufficient to pay off the outstanding loan balance and foreclosure costs, but no more. If there are no other liens on your home, you may receive some of the surplus funds.

Claiming Excess Proceeds: Act quickly! There’s a limited window to recover surplus funds. Provide proof of prior ownership to the trustee or court. 🏠