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…
Who is holding the funds before the hearing, and do they earn interest? – North Carolina Short Answer In North Carolina, surplus funds from a foreclosure or other qualifying sale are paid into and held by the Clerk of Superior Court for the county where the sale occurred. By law, the clerk must deposit and,…
What documents do I need to prove my family’s interest when the property was passed down informally? – North Carolina Short Answer In North Carolina, a family claiming surplus funds after a tax or mortgage foreclosure on informally inherited land usually must prove both (1) that the family member who owned the property at foreclosure…
Can this claim move forward while my elderly parent is living, and will they need to sign anything? – North Carolina Short Answer Yes. In North Carolina, a surplus-funds claim after a tax or foreclosure sale can move forward while the elderly parent who owned or was treated as owning the property is still living.…
What happens if the court believes there may be unknown heirs who were served by publication? – North Carolina Short Answer In North Carolina, if the clerk of superior court believes there may be unknown heirs to surplus funds from a foreclosure who were only served by publication, the clerk will generally hold the money…
What does the commissioner’s percentage cover, and can that amount be reduced or challenged? – North Carolina Short Answer In North Carolina surplus-funds cases, a commissioner’s percentage is a court-approved commission paid from the fund for handling the sale or distribution, including collecting the money, accounting, reporting to the court, and arranging payments. The judge…
What does the commissioner’s percentage cover, and can that amount be reduced or challenged? – North Carolina Short Answer In North Carolina, a commissioner’s percentage is compensation for administering a court-ordered sale and distribution—things like giving notices, coordinating the sale, handling deposits, filing reports, and overseeing disbursement. It is treated as a cost of the…