About Surplus Recovery
What is a Foreclosure?
What happens after the Auction?
What happens at a Foreclosure?
Foreclosure is a legal process that allows a lender to sell a property to recover a debt owed by the property owner. It usually happens when a homeowner defaults on their mortgage, meaning they stop making payments.
What happens at a Foreclosure?
What happens after the Auction?
What happens at a Foreclosure?
Once a homeowner defaults on the home, property, and/or business the Lender, holds an auction to recoup money owed. Once the asset is put up for auction, People and Business will bid to purchase the asset. Once the auction starts, the goal of the Lender is to recoup their money, so whom ever bids the highest, becomes the new owner.
What happens after the Auction?
What happens after the Auction?
What happens after the Auction?
Who ever bids the highest, is now the new homeowner. The Lender has recouped their money. Now if there are no other liens of judgments on the home, property or business and there was an overbid (and excess of money), where does that money go? It is suppose to go to the previous homeowner.
About Surplus Recovery
What are Surplus Funds?
Surplus funds refer to unclaimed or excess money that may arise from various sources such as foreclosures, legal settlements, or even dormant bank accounts.
Facts about Unclaimed Money
In the United States there is over $40 billion in unclaimed money and/or property being held.
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