Foreclosure
Foreclosure is the legal process by which a lender attempts to reclaim the amount owed on a defaulted loan by taking proprietorship of the mortgaged property and selling it in an auction. It's just a painful way for people that lost their house.
It's not a mystery that tax and bank foreclosures are happening every day across the Country. What you may not know is foreclosures are creating huge surplus funds every single day.
Understanding What Happens After A Foreclosure.
In the event of non-paid taxes or mortgage foreclosure, the county holds an auction to obtain what was unpaid. The opening bid is the amount that is due, and these properties can sale for a higher amount. Any profits remaining are due to the previous owner or their heirs if they're deceased. These funds are known as surplus funds or excess proceeds.
Surprisingly, the Clerk of Court is supposed to notify you by certified mail if there is an excess of money from the sale to which you may be entitled to the last known address for those people that lost their property. The county sends out surplus notification letters, but most of the time it’s to the last address on record so you are never informed.
What most people do not know is that if these properties sell for an amount that is higher than the opening bid any profit remaining is due to the previous owner. In most cases the county keeps the overbid money if the property owner does not claim it on time.
It is state law that the county holds these funds until someone submits a claim within a
120-day period. If these funds are not claimed the County gets to Keep it Permanently!
Here Is Where We Come In!
At Overbid Asset Recovery our expertise is in locating individuals who may be entitled to unclaimed funds. Our dedicated team of researchers and investigators audit the county and perform extensive searches through thousands of governments records. We do Title Search and liens check on the property of interest, verify the available surplus funds, preparation of legal documents, notarization, take care of motions and submit your claim to the court, to the trustee and ongoing Follow-up. We handle the entire filling process fast, easy & hassle-free funding process. We ensure the legal path. We have attorneys in every state to get your claim submitted successfully.
The beauty of working with our firm is that we charge
No Upfront Fees
and take care of all filing costs for each claim.
Let The Experts Do The Work For You!
Pre-foreclosure? We Can Help!
Here Are Some Tactics To Stop Foreclosure
1. Selling Out Your Home...
- To avoid ruining your credit, get the equity out of your house and have a fresh start.
2. Declare Bankruptcy...
- Yes, bankruptcy is a way through which you can separate your self from the loan but the foreclosure process will continue...
3. Applying For Loan Modification...
- With this option the person must make three times what the new Loan amount is going to be and the lender will add all the fees to the back of the loan. Most people do not qualify.
4. Reinstating Your Loan...
- In order to keep your house you would have to come up with whatever is past due to reinstate the loan.
5. Plan For Repayment...
6. Refinancing...
- With today's high interest rates the new payments will be slightly lower than what you currently have.
7. Short Sale...
- Do you know that even if you owed more money than what your house is worth, the bank is willing to take a huge cut/loss of the loan? Because the bank does not want the house to be vacant and prefers to keep you in the house until it gets sold and will pay a commission to a realtor to sell your house. Also, you can get relocation money from $3,000 up to $10,000.
8. Deed In Lieu Of Foreclosure...
- This is considered a foreclosure without going through the court.
9. Cash offer...
- An investor will buy your house.
10. Creative Financing...
- A buyer/investor will buy your house for the Current Market Value, takes over your existing loan and gives you a down payment.