Your home has been foreclosed on, or sold for failure to pay real estate taxes, what happens next?
2020 has been incredibly difficult for many people, and foreclosures and tax sales are likely to only go up in 2021. It is important to know that you have some rights that are seldom explained.
Although, unless you can repay delinquent amounts, there may be nothing to stop the sale of property, you (or your heirs) are not completely out the equity that has accumulated in the real estate being foreclosed upon. It is frequently not shared with homeowners that if your property is sold for more than is owed to the bank or government entity seizing the property, that you (or your heirs) are entitled to any money collected in excess of the amounts owed. This can sometimes be significant money that can inevitably be used by you or your family as you deal with the changed circumstances. Let’s say, for example, that you own real estate with a mortgage owing of $80,000 that is foreclosed upon. The bank, at auction, gets a purchase price of $95,000. You are entitled to the remaining $15,000. This money will sometimes go unclaimed for years, with those who could benefit from it not even aware of its existence.
The process to recover these “excess funds” is actually relatively simple if you have knowledgeable help, and that is where Titus Law Firm, LLC can come into play.
The attorneys of Titus Law Firm, LLC research foreclosure sales across the State of Kansas, looking for the sales that generate excess funds. When we find excess funds, we do the research to locate the foreclosed homeowner or their heirs. Often, the entities that perform the foreclosures make very little effort to inform homeowners when there are excess funds available.
There are timelines that must be followed, so filing a claim as early as possible will definitely make your request for recovery more successful. A successful claim can take from one month to several months to pay out after it is filed. So, it is important to get the process moving.
You will have no out-of-pocket expenses and could be entitled to thousands of dollars.
Money can be tight after a foreclosure. That’s why Titus Law Firm, LLC pays all expenses to make a claim for the excess funds on your behalf. And you will have no out-of-pocket expenses. We simply split any recovered excess funds with you at an agreed upon percentage. We pay all of our expenses out of our portion of the recovered funds.
We take all of the financial risk to pursue your excess funds. If we aren’t able to recover any money, we don’t make any money. And we will never ask you to reimburse us for our costs.
If you feel that you may be entitled to excess funds from a sale of seized property, please reach out to us. We would be happy to investigate and discuss your situation with you. Please contact the attorneys at Titus Law Firm, LLC at (913) 543-4500.