Frequently Asked Questions
Is this real?
Yes, this is most definitely real. Understandably, you might be surprised to learn that the government likely owes you a significant amount of money from your foreclosure. Currently, there are billions of dollars sitting in accounts and accruing interest for the state while waiting to be claimed. This money accrues from foreclosure surplus, insurance policies, music royalties, unclaimed paychecks, rent security deposits, and much more.
What are surplus funds from foreclosure?
Surplus funds are simply the money left over after a property is auctioned off to pay a debt. This can be from a bank’s mortgage, property taxes, or even a judgment that you owe money to someone. With regard to foreclosures, surplus funds are the amount remaining after payment of all disbursements. If the amount paid on the home is more than the amount owed on the mortgage, the remaining money is considered surplus.
Why choose us?
The Law Offices of Christopher T. Campbell is dedicated to providing exemplary service with an extreme attention to detail. Our clients rely on us to navigate the tedious process of recovering unclaimed funds in an effort to preserve their own time and energy. We assure you that recovering your unclaimed funds goes as swiftly and efficiently as possible.
How much would it cost to hire your office?
If you choose to enlist our surplus recovery services, you can select from two convenient payment options:
Option 1 – You would be charged an hourly rate with a retainer to be paid up front.
Option 2 – You pay a percentage of the funds we recover for you after it is received from the State. This is a contingency-based option, meaning we do not get paid unless you get paid. If we do not recover anything for you, then you do not pay us anything. Either way, we absorb any costs associated.
How long will this take?
It always depends. It could take a few short months, or up to a year. The specifics of your case and the responsiveness of the government offices involved are what can change the time for recovery. For example, recovering surplus money from a local tax foreclosure sale of a property owned by single person will take much less time than recovering surplus money from a mortgage foreclosure sale that was owned by a deceased relative owned with unpaid condo association fees.
How can you be sure the money goes to me?
We have a title search done. If you are the person on the deed, then the money should go to you. If you owned the property with someone else, you should receive an amount based on the percentage of the share you owned, and the other owner(s) should receive their share. If a deceased spouse owned the property, then you should receive the entire amount. Sometimes, divorce results in property distribution settlements that grant one partner all the equity in the marital home. In this situation, if you owned the property then you should receive the entire surplus amount.
Do I have to leave my home immediately after the sheriff’s sale?
No, you can either leave voluntarily or be evicted by the sheriff’s department upon an order from a judge. It can take some time for an eviction to take place. Additionally, you can opt for a “cash-for-keys” deal, where the new owner pays you to move out prior to eviction. Until you choose to leave or are formally evicted, no one can come into your home – not the buyer or anyone working for the buyer.
What else should I know while considering my options?
Watch out for people calling you or showing up at your door and offering to buy out your interests for pennies on the dollar. Unfortunately, we have met homeowners that unknowingly sold or signed away their rights to all of the surplus money with a ‘quit claim deed.’ This means they effectively gave up their rights to any excess money for a fraction of what they would have received. We know of companies that collected more than what they are allowed by law to recover, and not telling the homeowner how much money they should expect to recover or telling the homeowner that the money will be gone in a short period of time if nothing is done. While at the moment this is true in property tax foreclosure sales in New York, it is generally not the case. In the end, you should speak to an attorney before signing anything regarding your home.
Why should I hire an attorney?
Various companies may contact you claiming to specialize in asset recovery. While they may know about surplus money, they are limited in their ability to provide representation. Since they are not lawyers, they cannot go to court to argue for you and they cannot submit legal briefs to the court. They also do not know the laws for real estate, condo or homeowner associations, bankruptcy and foreclosure, Medicaid, wills, trusts, estate, or divorce. Additionally, attorneys are ethically bound to work in their client’s interests only. We can lose our licenses if we do not. Non-attorneys have no such duty. Attorneys are licensed by the state, subject to strict standards, and required to regularly attend classes concerning legal updates. Lastly, most of these asset recovery companies are in another state – unfamiliar with you or the legal requirements specific to your state.