What documents and steps are required to submit a surplus funds claim and distribute the proceeds? – North Carolina Short Answer In North Carolina, surplus from a power-of-sale foreclosure is applied first to costs and the foreclosing debt, then to junior liens in order of priority, and any remainder goes to the former owner. To…
Can I enforce a split of surplus funds with my investor before the court releases the funds? – North Carolina Short Answer Not directly. In North Carolina, surplus proceeds from a foreclosure are disbursed only by order of the Clerk of Superior Court after the sale is final. A private agreement to split surplus funds…
What happens if a petition was filed against me over surplus funds and service hasn’t been properly completed? – North Carolina Short Answer In North Carolina, the Clerk of Superior Court generally will not decide how to distribute foreclosure surplus funds against you until you are properly served with the petition (or you voluntarily appear).…
How do I challenge or contest the calculation used to divide foreclosure proceeds among co-owners? – North Carolina Short Answer In North Carolina, you challenge an incorrect split of foreclosure surplus by filing a motion or petition in the foreclosure’s special proceeding (the SP file) before the Clerk of Superior Court. The clerk can audit…
How can I get an independent review of the surplus distribution calculation after a foreclosure? – North Carolina Short Answer In North Carolina, any person claiming foreclosure surplus money can ask the Clerk of Superior Court to independently review the math and the ownership shares before funds are disbursed. You (or your attorney) file a…
How can I recover surplus funds from a property sale when other co-claimants are unreachable? – North Carolina Short Answer In North Carolina, any surplus from a foreclosure sale is deposited with the Clerk of Superior Court. You (as an owner, heir, or other entitled party) can petition the clerk for disbursement. You must notify…
What happens if I can’t locate all co-claimants before we file a surplus funds claim? – North Carolina Short Answer In North Carolina, you can still file a surplus funds claim even if you cannot locate every co-claimant. You must notify all interested parties; if someone can’t be found after a diligent search, you may…
Do I have to pay additional costs or fees if the process takes longer because co-claimants are missing? – North Carolina Short Answer In North Carolina, your contingency fee percentage typically does not increase just because the surplus-funds case takes longer. However, extra costs can arise if co-claimants are missing—think sheriff service, certified mail, skip-tracing,…
What are the typical filing expenses in a surplus funds recovery case? – North Carolina Short Answer In North Carolina, the main out-of-pocket expenses to recover surplus foreclosure proceeds are court filing fees set by statute, service of process costs to notify all interested parties, and, if needed, newspaper publication costs when someone cannot be…
Can I sign an engagement agreement to recover surplus funds without consent from every co-claimant? – North Carolina Short Answer Yes. In North Carolina, you may hire a lawyer to pursue your own claim to foreclosure surplus funds without getting consent from every co-claimant. Your attorney can represent you alone, but the Clerk of Superior…