Why Some Atlanta and Greater Metro Atlanta Area Properties Generate Thousands in Excess Funds After a Foreclosure
Many homeowners in the Atlanta and Greater Metro Atlanta area are surprised to learn that money may still remain after a foreclosure sale. In some situations, a foreclosed property may sell for more than the amount owed on the mortgage or other debts connected to the property. When this happens, the remaining money is typically referred to as “excess funds.”
To help Atlanta and Greater Metro Atlanta area homeowners better understand excess funds after a foreclosure, here we explain how excess funds are created, why some foreclosed properties generate thousands of dollars of excess funds, and how an Atlanta and Greater Metro Atlanta area excess funds lawyer can help you recover excess funds due to you.
How Excess Funds Are Created After a Georgia Foreclosure
A foreclosure in the Atlanta and Greater Metro Atlanta area usually happens when a homeowner falls behind on mortgage payments and the lender takes legal action involving the property. Eventually, the property may be sold during a foreclosure sale under Georgia foreclosure laws.
Sometimes, the property sells for more money than the total amount owed to the lender. After certain debts, fees, and costs are paid, money may still remain from the sale. Those remaining funds are often referred to as “excess funds.”
Many homeowners in the Atlanta and Greater Metro Atlanta area do not realize that excess funds may exist after a foreclosure sale. In some situations, substantial amounts of money may still be connected to the property even after the foreclosure process is completed.
Why Some Atlanta and Greater Metro Atlanta Area Properties Generate Large Excess Funds
Some properties in the Atlanta and Greater Metro Atlanta area generate large excess funds because property values may be much higher than the remaining mortgage balance. For example, a home may be worth significantly more than the amount still owed to the lender at the time of the foreclosure sale.
As property values continue increasing in many parts of the Atlanta and Greater Metro Atlanta area, some foreclosure sales may result in thousands of dollars remaining after the lender is paid. In certain situations, homeowners may have rights involving those excess funds.
However, recovering excess funds is not always simple. Atlanta and Greater Metro Atlanta area homeowners may face paperwork requirements, ownership questions, or disputes involving other parties connected to the property.
How an Atlanta and Greater Metro Atlanta Area Excess Funds Lawyer Can Help
An experienced Atlanta and Greater Metro Atlanta area excess funds lawyer can help homeowners determine whether excess funds exist after a foreclosure sale. An experienced Atlanta and Greater Metro Atlanta area excess funds lawyer can also help review foreclosure records, investigate ownership information, prepare legal documents, and fight to recover excess funds connected to the property.
Because excess funds claims may involve legal deadlines and competing claims, it is best for Atlanta and Greater Metro Atlanta area homeowners to seek legal guidance before attempting to recover the funds on their own.
Finding Legal Help in the Atlanta and Greater Metro Atlanta Area
The experienced Atlanta and Greater Metro Atlanta area excess funds lawyers at Evans Law fight for Atlanta and Greater Metro Atlanta area homeowners seeking to recover excess funds after foreclosure sales. If you believe excess funds may exist after a foreclosure involving your property and you need legal help, contact Evans Law and speak with a lawyer about your case now.
