Frequently Asked Questions
WHAT IS A FORCLOSURE OVERAGE REFUND?
FORECLOSURE OVERAGES ARE EXCESS PROCEEDS, ALSO KNOWN AS SURPLUS FUNDS, OVERAGES, MORTGAGE OVERAGES, OR OVERBIDS, ARE GENERATED WHEN THE SALE OF A FORECLOSED PROPERTY, USUALLY AT AN AUCTION, RESULTS IN MORE MONEY BEING GENERATED THAN IS OWED TO THE LENDER OR TO THE COUNTY OR STATE IN THE CASE OF A TAX FORECLOSURE. LET’S LOOK AT AN EXAMPLE. SUPPOSE JOE OWES $10,000 IN BACK TAXES AND HIS MORTGAGED PROPERTY IS FORECLOSED ON AND SOLD AT AN AUCTION. SAY THE PROPERTY IS SOLD FOR $70,000. THE DIFFERENCE BETWEEN WHAT JOHN OWED AND WHAT THE PROPERTY WAS SOLD FOR IS THE OVERAGE OR EXCESS PROCEEDS. THE EXCESS, $60,000, SHOULD BE RETURNED TO JOHN AFTER ANY OTHER LIENS OR JUDGEMENTS HAVE BEEN PAID.
When your lender sells your property at a foreclosure sale for more than you owe, an overage, or an excess fund is created. This mortgage foreclosure overage results in a sum of money that is rightfully the property of the owner at the time of the sale.
If we contacted you, chances are you are owed a significant amount of unclaimed refunds due to a recent foreclosure, bankruptcy, uncashed check, insurance policy or various other sources.
Often times these agencies make only 1 attempt to contact the owner of unclaimed money but sometimes they’re unsuccessful. The reasons range from undeliverable mail, refund checks not being cashed by the recipient, or death of the recipient. The agencies do not have the staff or resources to continue to locate the recipient, therefore the money goes unclaimed.
There is approximately $58 billion dollars in Unclaimed Funds currently being held by government agencies all across the United States. In fact, it is estimated that 1 in 6 people are owed money from one of these agencies and don't even know about it. We are in business to help you get what is rightfully owed to you.
We only collect a Finder’s Fee if we are able to collect on the claim. If for any reason, we are unable to collect the funds, you don’t owe us anything. If you don’t get paid, we don’t get paid either.
Absolutely! The benefit of working with our agency is we cover all legal, processing and filing fees associated with the claim. We work alongside government agencies and have a network of certified attorneys and notaries to assure the best odds of you have a successful claim.