If a deceased spouse’s name is still on the deed, can that spouse’s relatives or children claim part of the surplus funds? – North Carolina Short Answer Sometimes, but not just because the deceased spouse’s name is still on the deed. In North Carolina, surplus foreclosure funds are paid to the person(s) legally entitled to…
How long do I have to file a claim for surplus funds before the deadline passes? – North Carolina Short Answer In many North Carolina foreclosure cases, surplus sale proceeds are paid into the Clerk of Superior Court and can be claimed through a special proceeding to determine who is entitled to the money. North…
Can I pursue a foreclosure surplus funds claim using a power of attorney for my relative? – North Carolina Short Answer Sometimes, but it depends on what the power of attorney (POA) authorizes and what the Clerk of Superior Court requires for a surplus funds claim. In North Carolina, surplus foreclosure proceeds are often held…
Am I eligible to claim the surplus funds from a foreclosed property if the home was in my name or I was on the mortgage? – North Carolina Short Answer In North Carolina, surplus funds from a foreclosure sale generally go to the people who are legally entitled to them after the sale costs, taxes/assessments,…
Can the estate’s personal representative be held responsible if the properties went into foreclosure and there were funds available to pay the bills? – North Carolina Short Answer Yes, potentially. In North Carolina, a personal representative is a fiduciary and can be held financially responsible to the estate (and sometimes personally liable) if a loss…
How is foreclosure surplus money divided when the deceased had no children and the heirs are siblings and the siblings’ children? – North Carolina Short Answer In North Carolina, foreclosure surplus funds are generally paid to the former owner (or, if the owner has died, to the owner’s estate) after the sale costs, taxes/assessments, and…
Will my parent owe taxes for receiving foreclosure surplus funds, and will they get a tax form for it? – North Carolina Short Answer In North Carolina, foreclosure surplus funds are usually treated as the leftover sale proceeds that belong to the property owner (or, if the owner has died, the owner’s estate/heirs). Whether a…
What am I supposed to do about a tax form for canceled credit card debt that was issued in the name of someone who is deceased? – North Carolina Short Answer In North Carolina, a tax form for canceled credit card debt (often a Form 1099-C) issued in a deceased person’s name is usually a…
If surplus funds have to be claimed in my parent’s name first, can my parent legally give the money to me afterward? – North Carolina Short Answer Yes—if North Carolina law says the surplus funds belong to the parent (as the legal heir or other entitled claimant), the parent can generally give the money to…
If my parent gifts me the surplus funds, do they have to file a gift tax return? – North Carolina Short Answer North Carolina does not have a separate state gift tax return in the way many people mean “gift tax return.” If a parent receives foreclosure surplus funds and then gives some or all…
