When a foreclosed property sells for more than what’s owed, the extra money is “Surplus Funds,” or a foreclosure overage, and it might legally belong to you. The court process is technical, paperwork-heavy, and easy to get wrong without guidance. If you believe you are owed surplus funds, contact the Law Office of Ira J. Metrick, Esq., for help claiming them.
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Surplus Funds
Determining Your Entitlement to Surplus Funds
If your New Jersey home was sold at a sheriff sale, you may be entitled to surplus funds, which are the extra proceeds left after the mortgage and other debts are paid. You can confirm whether surplus funds exist by checking the sale records with the county sheriff and reviewing the court’s Report of Sale.
Other creditors with liens or judgments may claim these funds, but if there are no valid claims or the claims are less than the surplus, the remaining money belongs to the homeowner or their heirs. We can help you verify your eligibility and guide you through the documents needed to claim the funds.
How to Claim Surplus Funds in NJ
To recover surplus funds in New Jersey, you must formally ask the court to release them. You’ll need to provide documentation that supports your claim and confirms that no other party has a superior right to the money. Once the judge reviews the filing and signs off, the payment is issued by the Superior Court Trust Fund.
How Do Heirs Claim Surplus Funds?
Foreclosure overages belong to the property owner, and if they are deceased, it goes to their heirs. Under New Jersey law, the heirs must take certain legal steps in order to claim those funds, including going through probate. A surplus funds attorney can help guide heirs through these steps to claim their entitlement.
Why You Need a Surplus Funds Attorney in New Jersey
A New Jersey surplus funds attorney can help clients throughout the entire legal process, helping to protect their rights and keep everything on track. Many people run into difficulties with the process or scammers who prey on homeowners after a foreclosure, but the Law Office of Ira J. Metrick, Esq., can guide you through the correct legal steps and defend your rights should any disputes arise. We do the heavy lifting to make sure you receive the funds that are rightfully yours.
