Excess Proceeds

Understanding Excess Proceeds

When a property is sold at a foreclosure auction, sometimes the sale price surpasses the outstanding mortgage amount. This surplus is termed as “excess proceeds.” These funds may be available for claim by various parties involved.

Homeowners & Representatives: If you’ve recently faced a foreclosure, or are acting on behalf of someone who has, there’s a possibility that you could be entitled to excess proceeds from the sale. Before considering third-party services, we encourage you to connect directly with our dedicated team at ALAW. We’re here to guide you, ensuring you’re well-informed and can make decisions in your best interest.

Lien Holders & Associations: For those holding additional claims on a foreclosed property, whether through mortgages, liens, or HOA affiliations, it’s crucial to ascertain any entitlements to the excess proceeds. Share your details and let our team assist in clarifying your position.

Auction Participants: Successful bidders from foreclosure auctions might have queries about potential overages or deed statuses. We begin addressing excess proceeds matters 30 days after the foreclosure sale, allowing us to ensure all administrative and legal processes are in order. We appreciate your patience and assure you of our best attention once this period concludes.