Help! I recently found out that surplus funds from the sale of my home after bankruptcy and foreclosure was sent to the Superior Court of California.

 Help! I recently found out that surplus funds from the sale of my home after bankruptcy and foreclosure was sent to the Superior Court of California.

 Help! I recently found out that surplus funds from the sale of my home after bankruptcy and foreclosure was sent to the Superior Court of California.

surplus funds from foreclosure - Asked by catsabatino, San Francisco, CA • Fri Dec 6, 2013

Surplus funds were sent in May of 2012. I'm still struggling to find steady work and can not afford an attorney. I'm in Oregon now and hope someone is familiar with the process of claiming the funds. A little guidance would be most appreciated!!
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Mario Pinedo,…, Agent, Cupertino, CA
Been there, done that!

You are entitled to any funds left over after all liens are satisfied.

You would have to file a claim in the County that the property was located.

I will research what the filing documents were and follow up with you.

Mario Pinedo, CCIM
Mortgage Banker
CS Financial
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2 votes • Thank • Flag • Link • Fri Dec 6, 2013
RonS, Just Looking, Concord, CA
You don't file a claim witht the county, you file an "Excess Proceeds" claim with the foreclosure trustee that performed the sale. Call the trustee, ask for the form. Fill it out and send it back.

The bankruptcy may have an impact on this but, bankruptcy notwithstanding, that is what you do.
Flag • Thu Feb 27, 2014
catsabatino, Home Owner, San Francisco, CA
Oh my, I'm overwhelmed with gratitude for your time and expertise. Thank you so very much!
Catrina
Flag • Fri Dec 6, 2013
Mario Pinedo, Ccim, Agent, Cupertino, CA
Follow up: The Trustee who handled the sale at the courthouse steps is the contact that you want to make. One issue that overlays the foreclosure is the bankruptcy that you filed. BKs will usually encompass all assets that you have over all creditors. So, if there were surplus funds from the foreclosure on your home, they may have been distributed to other creditors in the BK.
I hope you are able to recover some funds.
Flag • Fri Dec 6, 2013
Mario Pinedo,…, Real Estate Pro in Cupertino, CA MVP'08
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Francisco En…, Agent, South San Francisco, CA
It's also possible that the state of California is holding it for you. Go to: unclaimed property.ca.gov

Simply input your name and you'll find out if there are funds due to you. Instructions on how to claim will be there too.
1 vote • Thank • Flag • Link • Fri Dec 6, 2013
Francisco En…, Real Estate Pro in South San Francisco,... Contact
Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Are you sure you are entitled to these funds? When you let a home go to foreclosure you no longer own it and thus would probably not have any claim on the sales proceeds, even if there was some equity in the home.

Unfortunately this is a question only an attorney can help you with. I'd recommend going to http://www.lawhelpca.org to find a legal aid agency in your area that may be able to help you at a low cost.

Good luck!
1 vote • Thank • Flag • Link • Fri Dec 6, 2013
catsabatino, Home Owner, San Francisco, CA
Thank you.
Flag • Fri Dec 6, 2013
Tony Grech, Real Estate Pro in Southfield, MI Contact
suzette, , Fontana, CA
I work with these types of claims all the time. You are receiving positives and negatives about the situation on this website. If you have not received the claim yet, please emaill me at naupainfo@gmail.com. I only charge if something is recovered.
0 votes • Thank • Flag • Link • Wed Feb 26, 2014
suzette, Other/Just Looking in Fontana, CA
Irina Karan, Agent, Aventura, FL
Your BK attorney should have told you if after paying off all creditors you'll have anything left for you.
You may not be entitled to these funds, if after the sale of home the creditors didn't get what was due them. However, if "leftovers" exceed the debt total, the funds can be obtained through a non-profit legal services.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes • Thank • Flag • Link • Sun Dec 8, 2013
Irina Karan, Real Estate Pro in Aventura, FL
Contact
Leopold A Ro…, , San Francisco, CA
I’m going to “guess” that you received a 90 Day Notice of Default threatening foreclosure unless you brought the loan current within those 90 days, or made arrangements with the lender.

Within those 90 days, in order to stall the Foreclosure process in its tracks you applied for Chapter 13 protection in Federal District Court, not the San Francisco Superior Court. The bankruptcy process would have given you the opportunity to “re-structure” your loan.

My next guess is that you moved and decided to leave no forwarding address with the Post Office, or forwarding number with the telephone company. So neither the Trustee in Bankruptcy, nor the lender, nor the Title Company could find you. The Bankruptcy was then closed, as the Trustee couldn’t find you; the foreclosure process continued on and all further Notices from the Title Company were returned as the Title Company could not find you. It is probable that the sale proceeds only covered lender costs and deficiency. In the unlikely event that there were “excess funds”, the Title Company would have inquired how you wanted the funds forwarded to you. Such “excess funds” would then be forwarded to the State, as the Title Company could not find you.

Check the California Comptroller website to confirm whether funds were escheated to the State. If they were, you will get them back. Google “state comptroller” and you’ll see a link to “unclaimed property”.

If the funds aren’t there, consult the title company that sent you the Notice of Default.

Good luck.

Leopold A Rodriguez
Single Agency Broker 00849905
http://www.LeopoldRodriguez.com
Attorney at Law 43062
http://www.fsbo-attorney.com
400 Montgomery 505, San Francisco 94104
Office: 415.781.3000

The 2015 Florida Statutes
   
Title VI
CIVIL PRACTICE AND PROCEDURE
   
Chapter 45
CIVIL PROCEDURE: GENERAL PROVISIONS
   
View Entire Chapter
45.032 Disbursement of surplus funds after judicial sale.—
(1) For purposes of ss. 45.031-45.035, the term:
(a) “Owner of record” means the person or persons who appear to be owners of the property that is the subject of the foreclosure proceeding on the date of the filing of the lis pendens. In determining an owner of record, a person need not perform a title search and examination but may rely on the plaintiff’s allegation of ownership in the complaint when determining the owner of record.
(b) “Subordinate lienholder” means the holder of a subordinate lien shown on the face of the pleadings as an encumbrance on the property. The lien held by the party filing the foreclosure lawsuit is not a subordinate lien. A subordinate lienholder includes, but is not limited to, a subordinate mortgage, judgment, tax warrant, assessment lien, or construction lien. However, the holder of a subordinate lien shall not be deemed a subordinate lienholder if the holder was paid in full from the proceeds of the sale.
(c) “Surplus funds” or “surplus” means the funds remaining after payment of all disbursements required by the final judgment of foreclosure and shown on the certificate of disbursements.
(d) “Surplus trustee” means a person qualifying as a surplus trustee pursuant to s. 45.034.
(2) There is established a rebuttable legal presumption that the owner of record on the date of the filing of a lis pendens is the person entitled to surplus funds after payment of subordinate lienholders who have timely filed a claim. A person claiming a legal right to the surplus as an assignee of the rights of the owner of record must prove to the court that such person is entitled to the funds. At any hearing regarding such entitlement, the court shall consider the factors set forth in s. 45.033 in determining whether an assignment is sufficient to overcome the presumption. It is the intent of the Legislature to abrogate the common law rule that surplus proceeds in a foreclosure case are the property of the owner of the property on the date of the foreclosure sale.
(3) During the 60 days after the clerk issues a certificate of disbursements, the clerk shall hold the surplus pending a court order.
(a) If the owner of record claims the surplus during the 60-day period and there is no subordinate lienholder, the court shall order the clerk to deduct any applicable service charges from the surplus and pay the remainder to the owner of record. The clerk may establish a reasonable requirement that the owner of record prove his or her identity before receiving the disbursement. The clerk may assist an owner of record in making a claim. An owner of record may use the following form in making a claim:

(Caption of Action)

OWNER’S CLAIM FOR
MORTGAGE FORECLOSURE SURPLUS

State of 

County of 

Under penalty of perjury, I (we) hereby certify that:

1. I was (we were) the owner of the following described real property in   County, Florida, prior to the foreclosure sale and as of the date of the filing of the lis pendens:

  (Legal description of real property) 

2. I (we) do not owe any money on any mortgage on the property that was foreclosed other than the one that was paid off by the foreclosure.

3. I (we) do not owe any money that is the subject of an unpaid judgment, tax warrant, condominium lien, cooperative lien, or homeowners’ association.

4. I am (we are) not currently in bankruptcy.

5. I (we) have not sold or assigned my (our) right to the mortgage surplus.

6. My (our) new address is:  .

7. If there is more than one owner entitled to the surplus, we have agreed that the surplus should be paid   jointly, or to:  , at the following address:  .

8. I (WE) UNDERSTAND THAT I (WE) AM (ARE) NOT REQUIRED TO HAVE A LAWYER OR ANY OTHER REPRESENTATION AND I (WE) DO NOT HAVE TO ASSIGN MY (OUR) RIGHTS TO ANYONE ELSE IN ORDER TO CLAIM ANY MONEY TO WHICH I (WE) MAY BE ENTITLED.

9. I (WE) UNDERSTAND THAT THIS STATEMENT IS GIVEN UNDER OATH, AND IF ANY STATEMENTS ARE UNTRUE THAT I (WE) MAY BE PROSECUTED CRIMINALLY FOR PERJURY.

  (Signatures) 

Sworn to (or affirmed) and subscribed before me this   day of  ,   (year)  , by   (name of person making statement)  .

  (Signature of Notary Public - State of Florida) 

  (Print, Type, or Stamp Commissioned Name of Notary Public) 

Personally Known   OR Produced Identification 

Type of Identification Produced
(b) If any person other than the owner of record claims an interest in the proceeds during the 60-day period or if the owner of record files a claim for the surplus but acknowledges that one or more other persons may be entitled to part or all of the surplus, the court shall set an evidentiary hearing to determine entitlement to the surplus. At the evidentiary hearing, an equity assignee has the burden of proving that he or she is entitled to some or all of the surplus funds. The court may grant summary judgment to a subordinate lienholder prior to or at the evidentiary hearing. The court shall consider the factors in s. 45.033 when hearing a claim that any person other than a subordinate lienholder or the owner of record is entitled to the surplus funds.
(c) If no claim is filed during the 60-day period, the clerk shall appoint a surplus trustee from a list of qualified surplus trustees as authorized in s. 45.034. Upon such appointment, the clerk shall prepare a notice of appointment of surplus trustee and shall furnish a copy to the surplus trustee. The form of the notice may be as follows:

(Caption of Action)

NOTICE OF APPOINTMENT
OF SURPLUS TRUSTEE

The undersigned clerk of the court certifies that he or she disbursed the proceeds received from the sale of the property as provided in the order or final judgment to the persons named in the certificate of disbursements, and that surplus funds of $  remain and are subject to disbursement to the owner of record. You have been appointed as surplus trustee for the purpose of finding the owner of record in order for the clerk to disburse the surplus, after deducting costs, to the owner of record.

WITNESS my hand and the seal of the court on  ,   (year)  .

  (Clerk) 

By   (Deputy Clerk) 
(4) If the surplus trustee is unable to locate the owner of record entitled to the surplus within 1 year after appointment, the appointment shall terminate and the clerk shall notify the surplus trustee that his or her appointment was terminated. Thirty days after termination of the appointment of the surplus trustee, the clerk shall treat the remaining funds as unclaimed property to be deposited with the Chief Financial Officer pursuant to chapter 717.
(5) Proceedings regarding surplus funds in a foreclosure case do not in any manner affect or cloud the title of the purchaser at the foreclosure sale of the property.
History.—s. 2, ch. 2006-175; s. 1, ch. 2007-106.

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