regarding the recovery process. Take charge of your financial future—allow us to help you.Surplus funds are also known as foreclosure overages. They occur when the property is sold, and the amount realized exceeds the total amount owed to the lending institution. This money is rightfully the homeowner’s but is often not claimed because of the rigorous process. Georgia is among the leading states in foreclosure overage recovery, and knowing why can help you act and get your money back. At Bellator Consulting LLC, we take a personal approach to this daunting process and are here to assist.
The Foreclosure Picture in Georgia
A Strong Real Estate Market
Real estate is one of Georgia’s fastest-growing industries, which explains why surplus fund recovery is so common in the state. High property rates cause foreclosures to produce overages quickly. When properties are auctioned, the bidding process usually results in sale prices much above the remaining mortgage amount. This opens up a loophole through which homeowners can reclaim surplus funds—if they can find a way.
Transparent Legal Framework
The laws of Georgia guarantee the foreclosed homeowners a reasonable opportunity to reclaim their overages. According to the law, excess funds are the property of the initial owner, but some peculiarities of returning such funds are worth knowing. When you are with Bellator Consulting LLC, the necessary steps to overcome bureaucratic hurdles will be clear.
Rising Foreclosure Rates
Recent economic shifts have led to increased foreclosure rates in Georgia. While unfortunate, this situation also allows many homeowners to secure substantial overages. You can turn this challenge into a beneficial outcome by partnering with a trustworthy ally like us.
Difficulties
- Complex Paperwork: It is important to note that claiming surplus funds is very much paperwork-intensive and time-bound. Omitting one step can cost you your chance to get compensation.
- Lack of Awareness: Most homeowners are unaware that they have a right to any balance after a foreclosure. Sometimes, even those who know may not be very conversant with the process, leading to the funds being unclaimed and taken over by the state.
- Scams and Fraud: The surplus funds recovery industry is not without its black sheep. Most scammers target homeowners and rip them off their hard-earned cash or make bogus promises to unsuspecting homeowners. We are a company that values its integrity and the client’s best interest, and thus, at Bellator Consulting LLC, you do not have to worry about any shady business.
Act Quickly
Surplus funds are not always available for use in the long run. In Georgia, there is a limited time in which you can file your claim. The sooner you act, the higher the probability of achieving the intended goal.
Gather Your Documentation
Some of the valuable documents are proof of ownership and foreclosure sale documents. You can consult us for the precise details of your requirements to simplify the process.
Avoid DIY Pitfalls
Even if you want to manage the process independently, you can easily make some mistakes that lead to the delay of the claims or even their denial. Working with professionals makes sure that your claim is correct and up-to-date.
Why You Should Act Now
You should file a claim for surplus foreclosure funds within 30 days of the foreclosure sale. Failure to act means that the state will erode your surplus funds or be lost in bureaucratic processes.
The timeline for receiving surplus funds may differ based on your case’s circumstances. Typically, it takes 30 to 60 days for the funds to be disbursed. However, if the funds are submitted to the court during an interpleader action, the process could extend to 6 to 12 months.
You are on the right track to financial freedom when you contact Bellator Consulting LLC. We are here to help you make it easy, straightforward, and effective.
Make sure your extra cash is actively working for you. If you have questions or would like a complimentary consultation, contact Bellator Consulting LLC. Our approachable team is always available to provide you with essential information
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