FAQ

What Are Miami-Dade Surplus FAQ Answers?

What Are Foreclosure Surplus Funds?

Foreclosure surplus funds refer to the money remaining after a property sells at auction for more than the total debt owed. Florida law directs this remaining balance toward the former homeowner rather than the lender. Therefore, this right exists regardless of the specific circumstances that led to the foreclosure.

Does Every Foreclosure Produce Surplus Funds?

No, a surplus only exists when the final sale price exceeds the total debt and associated costs. Many foreclosure sales generate no surplus at all, particularly when the debt exceeds the property’s market value. For this reason, checking the specific sale price in your case remains an essential first step.

How Do I Know If Surplus Funds Exist In My Case?

Reviewing your case file with the clerk of court reveals the final sale price and the total debt owed. Comparing these two figures shows whether a surplus resulted from your specific sale. Florida licensed attorneys can also review this information on your behalf during a consultation.

How Long Do I Have To Claim My Surplus Funds?

Specific deadlines apply once the clerk files the certificate of disbursements, as established under Florida law. Missing these deadlines can complicate, though not always eliminate, your path toward recovery. Consequently, acting promptly after a foreclosure sale generally serves your interests best.

Is Foreclosure Surplus Recovery Legitimate?

Yes, recovering surplus funds represents a legitimate legal right established under Florida law. This Miami-Dade surplus FAQ page exists partly to help you separate that legitimate right from schemes that target former homeowners. Verifying the legitimacy of any contact, including confirming a Florida Bar license for any attorney, remains an important precaution.

Why Should I Use A Florida Licensed Attorney?

Florida licensed attorneys represent your interests directly and handle the legal steps involved in pursuing a claim. This differs from non-attorney assignment arrangements, which Florida Statute 45.033 caps at 12 percent of the surplus with specific disclosure requirements. Attorney representation offers a different structure with its own distinct advantages.

How Much Does It Cost To Work With Your Team?

Our Florida licensed attorneys typically handle these cases on a contingency basis, meaning no upfront cost to you. Our fee comes from funds actually recovered, not from any payment out of pocket. Consequently, an initial consultation carries no financial risk to determine whether your case may involve a surplus.