Is there a deadline to claim foreclosure surplus funds, and what happens if it has already passed? – North Carolina Short Answer Under North Carolina law, there is no short, fixed “use it or lose it” deadline in the foreclosure file itself to claim surplus funds held by the clerk of superior court. However, if…
Can a law firm handle this directly with the court or agency so I can avoid scams? – North Carolina Short Answer In North Carolina, a law firm can deal directly with the clerk of superior court or the State Treasurer’s office to pursue surplus or unclaimed funds from a foreclosure, so the client does…
Do I have to go to court to get the surplus funds, or can my lawyer handle it for me? – North Carolina Short Answer In North Carolina, surplus funds from a completed foreclosure are usually claimed through a special proceeding in the office of the clerk of superior court, not a full-blown courtroom trial.…
If I had a HELOC, does that lender get paid before me from the surplus, and how is that priority decided? – North Carolina Short Answer In North Carolina, a HELOC lender generally gets paid from foreclosure surplus funds before the former owner, but only if the HELOC was a recorded lien that is still…
Do nieces, nephews, or a sibling’s spouse have any claim to the surplus if the surviving spouse is alive? – North Carolina Short Answer Under North Carolina law, surplus funds from a foreclosure sale go to the same people who would inherit the real estate under the intestate succession rules, unless a valid will or…
Can I use my power of attorney to hire a lawyer and file to collect the surplus for my parent? – North Carolina Short Answer In North Carolina, an agent under a properly drafted and signed power of attorney can usually hire a lawyer and file a claim to collect foreclosure or execution surplus funds…
What happens if there are liens or other claims against the surplus funds? – North Carolina Short Answer When a North Carolina foreclosure or execution sale leaves surplus funds, the clerk of superior court cannot simply hand all of the money to the former owner if there are recorded liens or other competing claims. Instead,…
How long does it usually take for the court to release surplus funds, and can it be sped up? – North Carolina Short Answer In North Carolina, once a home is sold and surplus funds are deposited with the clerk of superior court, release can take anywhere from a few weeks to several months, depending…
Can I hire a lawyer on contingency to recover surplus funds, and how are fees paid? – North Carolina Short Answer In North Carolina, a former owner or other claimant can usually hire a lawyer on a contingency fee to recover surplus funds held by the clerk after a foreclosure or execution sale. The fee…
Can someone object to how the remaining funds are split, and what happens if they do? – North Carolina Short Answer Yes. Under North Carolina law, anyone who claims an interest in foreclosure surplus funds can object to how the clerk proposes to split the money by filing a special proceeding with the clerk of…