We are for “The People” and by “The People” to recover your unclaimed assets.
TP recovery is dedicated to retrieving surplus assets from a foreclosure sale. The team of well-trained professionals will handle the process from start to finish. Our network of Attorneys that specialize in asset recovery are devoted to you and your interests. The ultimate goal is to retrieve your surplus money quickly as possible!
If a foreclosure sale results in excess proceeds, the lender doesn’t get to keep that money. The lender is entitled to an amount that’s sufficient to pay off the outstanding balance of the loan plus the costs associated with the foreclosure and sale—but no more.
Generally, the foreclosed borrower is entitled to the extra money; but, if there were any junior liens on the home, like a second mortgage or HELOC, or if a creditor recorded a judgment lien against the property, those parties get the first crack at the funds. Then, any proceeds left over after paying off these liens belong to the former homeowner.
Example. Jack and Georgia go through a foreclosure. At the foreclosure sale, their home sells for $350,000. The loan balance that they owed to the foreclosing lender at the time of the auction was $320,000. So, the sale resulted in excess proceeds of $30,000. The property was also subject to a second mortgage in the amount of $15,000 and a judgment lien for $5,000 due to unpaid credit card debt. In this situation, $320,000 goes to the foreclosing lender, $15,000 goes to the second mortgage holder, $5,000 to the judgment creditor, and $10,000 to Jack and Georgia.