The real estate industry in Florida has grown rapidly. It has led to changes in the laws governing surplus fund recovery, leaving many homeowners with questions about their future. If you have gone through a foreclosure or have questions about how to get some surplus money, then these new rules are essential for you. Bellator Consulting LLC is here to help you through the entire process. Now, let’s look at the changes and how they affect you.
Understanding Surplus Funds
According to Florida Statute 45.032(1)(c), surplus funds are defined as “the funds remaining after payment of all disbursements required by the final judgment of foreclosure and shown on the certificate of disbursements.”
Due to the increased growth in the real estate market in Florida, property prices have also increased. This has resulted in more cases of extra money after foreclosure, but claiming them has been made more complex by new regulations and the participation of third parties.
Key Changes in Surplus Fund Regulations
- Extended Claim Periods: Previously, subordinate lienholders had 60 days after the foreclosure sale to submit claims for surplus funds. Recent amendments have extended this period, allowing junior lienholders up to one year from the foreclosure sale date to file a claim. This extension allows lienholders to assert their rights and requires homeowners to be vigilant about potential claims on surplus funds.
- Elimination of Surplus Trustees: The role of surplus trustees, appointed to locate prior homeowners if no claims were filed within the initial 60 days, has been removed. Now, any surplus remaining with the Clerk of Court one year after the foreclosure sale is deemed unclaimed property and handled according to the state’s laws.
- Clarification on Entitlement: Florida Statute 45.033 establishes a rebuttable presumption that the owner of a record on the date of filing a lis pendens is entitled to surplus funds after payment of subordinate lienholders who have timely filed a claim. This clarification emphasizes the importance of timely action by homeowners and lienholders in claiming surplus funds.
Why These Changes Matter
The new rules safeguard homeowners and regulate the use of surplus funds. However, they also introduce certain difficulty levels into the recovery process. If you do not understand what certain words or dates mean in the legal world, you may lose out on money that is yours. At Bellator Consulting LLC, we make it easier for you not to leave what is yours behind.
Implications for Homeowners
These legislative changes aim to streamline the surplus fund recovery process and protect homeowners from potential exploitation. However, they also introduce complexities that require careful navigation:
- Timely Action: Homeowners must promptly claim surplus funds before they are deemed unclaimed property. Delays can result in the forfeiture of funds rightfully owed.
- Awareness of Lienholder Claims: The extended period for junior lienholders to file claims means homeowners should be aware of any subordinate liens that may affect their entitlement to surplus funds.
- Avoiding Scams: Eliminating surplus trustees and third-party recovery agencies’ involvement requires caution. Homeowners should be wary of unsolicited offers and consider consulting with reputable professionals to assist in the recovery process.
How We Can Help
Surplus fund recovery is our area of focus at Bellator Consulting LLC. Here’s how we stand out as pioneers in the industry:
- Expert guidance: We will help you avoid all the legal complications and ensure all the documents are legal.
- Transparent Communication: We will always ensure you are in the loop so you never feel left in the dark.
- Quick Action: Time is of the essence. Our team is quick to respond to meet all the deadlines.
- Compassionate Support: We also know that foreclosure is an unpleasant process. Our friendly team is here to help make the process as painless as possible.
Start the process today by coming to Bellator Consulting LLC. Come, let us assist you to regain what belongs to you.
Don’t Wait—Act Now!
If you have recently gone through foreclosure or think you are eligible for some redemption money, do not wait. The new rules make timely action more important than ever before. Contact Bellator Consulting LLC today if you want to file your claim. Our professional staff will care for everything, so you can concentrate on restoring your life.
Remember that returning the surplus funds is your right, and we are here to defend it. Allow Bellator Consulting LLC to be your guide in this process.
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