Surplus Funds Q&A Series

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Am I responsible for paying the other party’s attorney’s fees in a foreclosure surplus funds case? NC

Am I responsible for paying the other party’s attorney’s fees in a foreclosure surplus funds case? – North Carolina Short Answer Sometimes, but not automatically. In a North Carolina foreclosure surplus funds special proceeding, the clerk or court may award a reasonable attorney’s fee to the prevailing party and may require that fee to be…

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How do the children of a deceased child inherit a share of surplus funds, and does adoption affect who counts as an heir? NC

How do the children of a deceased child inherit a share of surplus funds, and does adoption affect who counts as an heir? – North Carolina Short Answer In North Carolina, when a parent dies without a will, a deceased child’s share does not disappear. Instead, that child’s descendants (such as grandchildren) generally split the…

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Surplus Funds Q&A Series ·

How long does it usually take from filing the petition to actually receiving surplus funds, and what delays are common? NC

How long does it usually take from filing the petition to actually receiving surplus funds, and what delays are common? – North Carolina Short Answer In North Carolina, surplus funds are usually released only after a special proceeding is filed with the Clerk of Superior Court and the clerk determines who is entitled to the…

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Surplus Funds Q&A Series ·

Can an asset recovery company legally collect the surplus funds for me, and what should I watch for before signing anything? – NC

Can an asset recovery company legally collect the surplus funds for me, and what should I watch for before signing anything? – North Carolina Short Answer Yes. In North Carolina, an asset recovery company can often help pursue foreclosure surplus funds if the rightful claimant signs an authorization or assignment, but the claimant is not…

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Surplus Funds Q&A Series ·

Does someone who was only under a parent’s guardianship (not legally adopted) have any right to share in inherited property proceeds? NC

Does someone who was only under a parent’s guardianship (not legally adopted) have any right to share in inherited property proceeds? – North Carolina Short Answer Usually, no. In North Carolina, being raised under a parent’s guardianship does not, by itself, make someone an “heir” who can inherit from that parent or share in proceeds…

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Surplus Funds Q&A Series ·

Which party should be named on a surplus funds petition when the property is held in a land trust with a separate trustee and beneficiary? NC

Which party should be named on a surplus funds petition when the property is held in a land trust with a separate trustee and beneficiary? – North Carolina Short Answer In North Carolina, a surplus funds petition is usually filed in the name of the person or entity that is legally entitled to the surplus,…

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Surplus Funds Q&A Series ·

How can I get the court clerk to release my disbursement check when they say they still don’t have the right authorization forms? NC

How can I get the court clerk to release my disbursement check when they say they still don’t have the right authorization forms? – North Carolina Short Answer In North Carolina, the Clerk of Superior Court generally cannot release money being held by the clerk until the file contains whatever documentation the clerk needs to…

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Attorney Jared Pierce
Attorney Jared Pierce
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