When a property is foreclosed in New Jersey and sold at auction, any funds left after paying off the mortgage and other liens may be owed to the former homeowner. These are known as “surplus funds,” and they represent an opportunity for previous owners to recover some of their property’s value. However, claiming these funds is often complex and involves specific steps. An experienced lawyer can help guide you through the process. If you think you are entitled to surplus funds, call The Law Office of Ira J. Metrick today.
How to Find Out If You’re Owed Surplus Funds in New Jersey
In New Jersey, foreclosure sales sometimes leave extra funds after debts are paid—these are known as surplus funds, and they may be yours to claim. Here’s a quick guide on determining if you’re owed these funds:
- Check Foreclosure Sale Records: Contact the county sheriff’s office where your property was auctioned to confirm if surplus funds were generated.
- Review Court Records: The Court records should include a “Report of Sale,” which will tell if there are surplus funds available. New Jersey’s online court system can make this step easier.
- Consult an Attorney: Speaking with a foreclosure attorney can streamline the process and confirm eligibility. They’ll help with verifying records and advising on the claim process.
- Gather Documentation: If surplus funds are available, prepare documents like proof of former ownership and identification to support your claim.
How Long Does It Take to Get Surplus Funds in NJ?
Once a claim is filed, it typically takes 6-9 months to receive surplus funds, as the court must confirm eligibility and settle any competing claims. Delays can occur if the court requires additional documentation or a hearing.
Filing a Motion for Surplus Funds After a Foreclosure
Anyone claiming surplus funds can file a motion with the court, explaining their right to the funds and requesting an order for payment. The motion should include an affidavit with proof of identity, connection to the property, absence of other claims, and the surplus amount sought. If approved, the funds will be released through the Superior Court Trust Fund.
Contact Ira J. Metrick to Claim New Jersey Surplus Funds
Claiming surplus funds after foreclosure in New Jersey is a multi-step process, and it may be in your best interest to reach out to an experienced New Jersey foreclosure attorney for the best chance at success. If you believe you’re entitled to surplus funds, are facing foreclosure, or need assistance with a loan modification, contact Ira J. Metrick today to receive the help you need.
