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Surplus funds are extra monies above the foreclosure judgment amount held by the State
following a sale in a foreclosure case. The plaintiff in such cases (either the Bank or the Association) may only bid up to its judgment amount at the sale.
Asset Recovery Specialists are professionals who specialize in identifying individuals or entities entitled
to surplus funds from foreclosure cases and unclaimed funds from escrows or various accounts.
Excess Funds, LLC assists in locating beneficiaries, educating them about their rights, and helping with the claims process.
To initiate the process, there are no upfront costs required by the program. The terms of the contingency fee are discussed and agreed upon beforehand through a good-faith agreement.
This agreement is signed prior to the release of funds. Your Excess Funds locator will provide additional information regarding this matter.
Asset Recovery Specialists employ various methods, including public records searches, online databases, skip tracing techniques,
and research on foreclosure cases. These methods help identify potential claimants and beneficiaries entitled to surplus funds.
Once a claim is approved by the State court, the Clerk will distribute the surplus funds accordingly.
The claimant and/or beneficiaies will receive their rightful share of the funds as determined by the signed and notarized agreements.
The duration of the surplus funds recovery process can vary depending on factors such as the complexity of the case, court procedures, and the responsiveness of involved parties.
It is best to consult with an Asset Recovery Specialist for an estimate based on the specific circumstances. Typically, Claims are processed within 90 days of receipt. If the claim was for shares of
stock or mutual fund shares, or if probate, it may take up to 120 days to receive your shares.
Asset Recovery Specialists help beneficiaries by identifying potential surplus funds cases, educating them about their rights, assisting with documentation,
filing claims on their behalf, and providing support throughout the process, including attending court hearings if necessary.
Beneficiaries can attempt to reclaim surplus funds on their own, but the process can be complex, troublesome and time-consuming.
Asset Recovery Specialists provide expertise, guidance, and assistance in navigating the requirements and maximizing the chances of a successful recovery.
Claimants can attempt recovery of surplus or unclaimed funds directly through the appropriate government agency without the use of a third-party service. However, the process can be complex, troublesome and time-consuming locating agency and representatives holding funds. Excess Funds, LLC provides administrative assistance,
research, claimant location services, and claim coordination for individuals who prefer professional assistance with the recovery process.
