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About Us
Reclaim Your Surplus Funds
Reclaim Remedy specializes in recovering and managing surplus funds, such as tax overpayments, mortgage overages, and foreclosure auction proceeds. We help individuals and businesses navigate the complexities and ensure they reclaim what is rightfully theirs.
Understanding The Process
WHAT ARE UNCLAIMED FUNDS?
Understanding the Foreclosure Auction Process
Understanding the Foreclosure Auction Process
Unclaimed funds, also known as surplus funds, overage funds, or excess funds, refers to money that belongs to individuals or businesses but has not been claimed or accessed for an extended period. These funds can originate from various sources, including:
- Tax Overpayments: Refunds or credits owed to taxpayers that were not claimed.
- Mortgage Overages: Surplus funds remaining after a property foreclosure sale exceeds the amount owed to the lender.
- Estate Inheritance: Funds left behind by deceased individuals without a known heir.
- Bank Accounts: Dormant or forgotten accounts with unclaimed balances.
- Insurance Payouts: Unclaimed proceeds from insurance policies.
Understanding the Foreclosure Auction Process
Understanding the Foreclosure Auction Process
Understanding the Foreclosure Auction Process
Foreclosure Auction Process:
Foreclosure occurs when a homeowner defaults on their mortgage payments, leading the lender to seize the property to recover the loan amount owed. The foreclosure process typically involves several key steps:
- Default: The homeowner fails to make mortgage payments according to the loan agreement.
- Notice of Default: The lender issues a notice of default, informing the homeowner of the delinquency and the possibility of foreclosure.
- Foreclosure Proceedings: If the homeowner does not resolve the default, the lender initiates foreclosure proceedings, which vary by state but often involve legal notices and court filings.
- Foreclosure Sale: The property is auctioned off to the highest bidder at a foreclosure sale or auction. This auction is usually conducted publicly, often at the courthouse or online.
Surplus Funds Arising from Foreclosure
Understanding the Foreclosure Auction Process
Surplus Funds Arising from Foreclosure
Surplus funds may arise after a foreclosure auction if the property is sold for more than the amount owed to the lender (including unpaid principal, interest, and foreclosure expenses). Here’s how surplus funds occur:
- Bid Amount Exceeds Debt: If the winning bid at the foreclosure auction exceeds the total debt owed to the lender, the difference between the sale price and the debt constitutes surplus funds.
- Legal Process: After the sale, the court or trustee responsible for overseeing the foreclosure process determines the amount of surplus funds owed to the previous property owner.