Mortgage Foreclosure Surplus Refund
In Virginia, if your home was sold at a foreclosure auction with equity remaining, yo are entitled to a check for money that is leftover from the sale of the house. That amount is known as mortgage foreclosure surplus funds. The surplus funds are what the previous homeowners can claim after the house is auctioned and paid for by the winning bidder.
However, there is no specific statute governing the distribution of surplus funds in Virginia, so the process can vary depending on the circumstances of each case and the discretion of the court. It's advisable for homeowners facing foreclosure to consult with a legal professional to understand their rights and options regarding surplus funds. Our attorneys can consult & answer your questions on a variety of aspects of Virginia Law in English, Ukrainian, and Russian languages.
Submit documents for Free Evaluation
LNM Law Firm has helped many victims of foreclosure to recover their surplus funds. Contact us and talk to one of our experienced attorneys for free to start your claim right away; delay can be very costly. Provide your contact information and submit the foreclosure documents. Our licensed attorney will evaluate your documents for free and will reach out to you with next steps.
FAQ:
What are Surplus Funds?
In a foreclosure sale, a surplus fund is a difference between the equity of the home and the amount the house was sold for. For example, if the house was sold for $200,000 and you still owed $180,000, you would be entitled to the remaining $20,000. There may be other numbers that are involved that will be subtracted. If there is a surplus that results from a foreclosure sale, you are entitled to the surplus money.
Who is entitled to surplus funds in Virginia?
In Virginia, the homeowner whose property was foreclosed upon is typically entitled to any surplus funds remaining after the foreclosure sale.
Is there a specific law governing surplus funds distribution in Virginia?
Unlike some states, Virginia does not have a specific statute governing the distribution of surplus funds. The process can vary depending on the circumstances of each case and the discretion of the court.
How can homeowners claim surplus funds?
Homeowners can typically claim surplus funds by filing a petition with the court that oversaw the foreclosure sale. It's advisable to seek legal assistance to navigate the process effectively.
Ready to get started?
Wether you simply have additional questions, or already have your case ready and would like it reviewed by a professional, get in touch with us to day and get a consultation.
Use the form above to request free evaluation