THE MISSION
At Rhodes and Associates, our mission is clear: to champion the rights and interests of individuals and organizations who have lost or unrecovered excess funds. We are driven by the belief that everyone deserves a fair chance to recover their hard-earned assets and rebuild their financial futures.
We offer recovery and consulting to guide our clients through every step of the process. With a steadfast commitment to integrity and ethical principles, we aim to provide support and exceptional service to those in need of advocacy and reclaim what’s rightfully theirs!
SURPLUS FUNDS
Understanding Surplus Funds
When a property undergoes foreclosure, typically due to reasons such as defaulted mortgages, unpaid property taxes, or homeowner's association fees, it is eventually sold to the highest bidder through a public auction. If the final sale price of the property at the auction exceeds the initial foreclosure amount, the excess funds are known as "surplus funds.
Once surplus funds are identified after a property auction and all priority legal claims are satisfied, the remaining balance is transferred to the local Clerk of Court or tax office. The Clerk of Court holds these funds while awaiting a legitimate claim from anyone entitled to them. Despite their efforts to notify the property owners about their potential claim, success can be limited, as the owners may no longer reside at their last known address (the foreclosed property).
Prioritizing Legal Claims
Before any surplus funds are distributed, they are first allocated to satisfy existing legal claims against the property. The order of priority for these claims is determined by the law and typically follows this sequence:
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Mortgage Debt: The outstanding mortgage debt on the property takes precedence.
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Property Taxes: Any unpaid property taxes are next in line for payment.
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Other Judgments or Liens: Legal claims against the property, such as judgments or liens, are addressed.
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Attorney Fees: Fees incurred by attorneys involved in the process are settled.
Claiming Surplus Funds
Should surplus funds remain after all legal claims against the property have been addressed, these funds rightfully belong to the property owner(s) at the time of foreclosure.
BANKRUPTCY
Bankruptcy Overages
In addition to surplus funds resulting from property auctions, it's important to be aware of another potential source of unclaimed funds—bankruptcy overages. When a property goes through bankruptcy, any funds left over after the bankruptcy case is closed and all claims are satisfied are referred to as "bankruptcy overages.
Claiming Overages
Claiming bankruptcy overages follows a somewhat similar process to surplus funds. Once the bankruptcy case is settled, and all financial obligations are met, any remaining funds are held by the appropriate court or trustee. Claimants can then follow the necessary legal procedures to establish their entitlement to these funds.
Expert Assistance
Both surplus funds and bankruptcy overage claim processes can be complex, involving legal intricacies and documentation. It is often advisable to seek assistance from professionals well-versed in these matters to ensure a smooth and successful claim.
TESTIMONIALS
Your big opportunity may be right where you are now
-Napoleon Hill