Foreclosure fund attorneys at Consumer Action Law Group have announced efforts to assist homeowners to claim the surplus money from the foreclosure sale of their homes.
The group said that when a house is sold in a foreclosure sale, the homeowners hold the rights to get all surplus funds leftover after the sale. To calculate the surplus funds, the amount of loan outstanding at the time of sale should be subtracted from the amount of the selling price.
According to the CALG, most of the homeowners were either unaware that they could get money back after a foreclosure or were clueless on how to claim it. The attorneys from CALG conduct extensive title research and then file a claim with the trustee and court to recover the funds to help speed up the claim process.
"Homeowners who go through a foreclosure sale can call our firm to find out if they are owed any excess fund from the sale,” said Paulina Lara, attorney at Consumer Action Law Group. “In one of our cases, we were able to recover over $100,000 in excess foreclosure fund for our client. We strongly encourage any homeowners who went through a foreclosure sale to call for help immediately to find out if they are owed any foreclosure funds."