If your home has gone through foreclosure in North Carolina, you might still be entitled to money that’s legally yours. Many former homeowners in Wake County are surprised to learn that they may have surplus funds, or extra proceeds, left over from the foreclosure sale of their property. That’s where working with a Raleigh, NC surplus funds attorney can make all the difference.
These surplus funds are the amount remaining after the mortgage balance, court costs, and other debts tied to the property have been paid. In many cases, that money can amount to thousands of dollars sitting unclaimed in a clerk’s office. Unfortunately, most people don’t know how to claim it, or that it even exists.
What Are Surplus Funds?
When a property is sold at a foreclosure auction, the proceeds first go toward paying off what’s owed on the loan. But if the home sells for more than the debt amount, the extra money is called surplus funds.
For example, if your mortgage balance was $200,000 and your home sold for $230,000, there’s a $30,000 surplus. Under North Carolina law, that money belongs to the former property owner or other parties with valid claims, not the bank.
The issue is that surplus funds don’t automatically get sent to you. You have to know they exist and take the proper legal steps to recover them.
Why You Need an Attorney for NC Surplus Recovery
Recovering surplus funds in North Carolina can be tricky. There are strict filing rules and deadlines that must be followed. The court requires you to file a motion, provide supporting documents, and sometimes appear at a hearing to prove your right to the money.
In some cases, other people or entities, like a second mortgage lender, contractor, or co-owner, may also claim a share of the funds. When that happens, the process becomes even more complex.
An experienced Raleigh, NC surplus funds attorney can:
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Verify whether surplus funds are available in your name.
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File the necessary motions and court documents.
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Notify other parties with potential claims.
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Represent you in hearings, if required.
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Ensure your payment is issued correctly once approved.
Having legal guidance from someone who knows NC surplus recovery law can save you time, stress, and mistakes that might delay or prevent your payment.
Common Misunderstandings About Surplus Funds
Many people assume that once their home is sold in foreclosure, everything is lost. But that’s not always true. Here are a few common misconceptions:
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“The bank keeps all the money.”
False. The lender only receives what’s owed to them. Any remaining balance belongs to the homeowner or other qualified claimant. -
“I’ll automatically get the funds.”
Not quite. You have to actively claim your unclaimed foreclosure money before deadlines expire. -
“It’s too complicated to bother with.”
The process can be confusing, but that’s exactly why having a knowledgeable attorney makes such a difference.
Get Help from a Raleigh, NC Surplus Funds Attorney
If your property was sold at foreclosure, you may have unclaimed foreclosure money waiting to be recovered. But time is critical! North Carolina law limits how long you have to file your claim.
At Eldreth Law, our experienced Raleigh, NC surplus funds attorneys help homeowners across Wake County and surrounding areas recover the money they’re owed after foreclosure. We handle the filings, deadlines, and court procedures so you can focus on moving forward.
We understand how overwhelming foreclosure can be, and we’re here to guide you through every step of the NC surplus recovery process with clear communication and dedicated service.
Don’t Leave Your Surplus Funds Unclaimed | Raleigh, NC Surplus Funds Attorney
If you’ve recently lost a home to foreclosure in North Carolina, it’s worth checking whether any surplus funds are still held in your name. Those funds belong to you—and we can help you claim them.
Call Eldreth Law today or visit our website to schedule a free consultation with a Raleigh, NC surplus funds attorney. Let’s help you recover what’s rightfully yours.
