Excess Proceeds: Equity You Are Entitled To Receive
At The Law Offices of Mary T. Hone, PLLC in Scottsdale, we can help you recover excess proceeds you may be entitled to as an owner, heir or third party. Ms. Hone has more than 30 years of experience handling hundreds of cases in Arizona and the process for recovering excess proceeds has become second-nature to her.
Here are a few things you should know:
- What are excess proceeds? Foreclosed property is often sold at auction for more than the amount of the debt. Any money left over after satisfying creditor claims is deposited with the county treasurer and referred to as “excess proceeds.”
- Who is entitled to excess proceeds? Several parties may have an interest in the excess proceeds. The priority for payment is set forth by Arizona Revised Statutes §33-812.
- How do I know if I have an interest in excess proceeds? The county treasurer publishes a list online of all excess proceeds, including the name of the trustor, deposit date, case number, amount of excess funds and current balance.
- Do I need an attorney? The law does not require that you have an attorney, however, strict statutes govern the process for obtaining excess proceeds after foreclosure. Failing to “cross a single T” or “dot a single I” could prevent you from obtaining the excess funds that you are entitled to receive — even completing the application for release of excess proceeds of sale can be extremely confusing.
- Is there any limitation on when I can get the money? Yes. Timing is very important. If you wait, you could lose your claim to the funds.
What Our Real Estate Attorneys Can Do For You
Our law firm can help you recover any excess proceeds you may be entitled to receive. We encourage you to contact us to learn more, even if you are unsure of whether you have a valid claim.
Call our office at 480-336-2557 or complete our form online to schedule your appointment with our experienced lawyer.