Answer
Foreclosure surplus funds recovery in Miami-Dade County, FL helps former homeowners and beneficiaries claim surplus funds remaining after a judicial foreclosure sale. These funds are held by the clerk of the circuit court, not the lender, and may be available to the owner of record or their beneficiary.
After a judicial foreclosure in Miami-Dade County, the court may order the sale of a property to satisfy a mortgage debt. If the sale brings in more than what is owed, the extra money—called the surplus—is held by the Miami-Dade County Clerk of the Circuit Court. Recovering these funds involves a specific legal process, and the right to claim them follows a strict order set by Florida law.
Why choose us
We assist former homeowners and beneficiaries in Miami-Dade County with the process of claiming foreclosure surplus funds. Our office, located at 160 W Camino Real, 589, Boca Raton, FL 33432, is available to guide you through each step. We handle both claims with the clerk of court and, if the surplus has been transferred after one year, claims with the Florida Department of Financial Services. You can reach us at (561) 933-4747 during our regular business hours.
Services offered
- Reviewing court records to determine surplus eligibility
- Preparing and filing surplus claims with the Miami-Dade County Clerk of the Circuit Court
- Representing former owners and beneficiaries in court proceedings regarding surplus distribution
- Handling claims for surplus funds that have been transferred to the Florida Department of Financial Services as unclaimed property
- Advising on the rights of subordinate lienholders and beneficiaries of deceased owners
Steps
-
Review the final judgment and sale records
Confirm the property was sold at a judicial foreclosure sale in Miami-Dade County and that a surplus exists. -
Determine eligibility
Identify whether you are the owner of record as of the date the lis pendens was filed, a subordinate lienholder, or a beneficiary of a deceased owner. -
Prepare the claim
Gather necessary documents, such as proof of identity and ownership, and draft a claim for surplus funds. -
File with the clerk of court
Submit the claim to the Miami-Dade County Clerk of the Circuit Court, who holds the surplus in the court registry. -
Attend hearings if required
The court may schedule a hearing to determine entitlement, especially if there are competing claims from subordinate lienholders or others. -
Receive distribution
If the court approves your claim, the clerk will distribute the surplus according to the court’s order. -
If more than one year has passed
If the surplus remains unclaimed after one year, it is transferred to the Florida Department of Financial Services. Claims after this point must be made to the Department, and only the owner of record or their beneficiary may claim the funds.
Example
Example scenario:
A Miami-Dade County homeowner loses their property in a judicial foreclosure. The final judgment orders the clerk of court to pay the lender $200,000. At the foreclosure sale, the property sells for $220,000. After paying the lender and any subordinate lienholders who filed timely claims, a $10,000 surplus remains. The clerk of the circuit court holds this surplus in the court registry. The former owner, as the owner of record when the lis pendens was filed, may file a claim with the clerk to recover the remaining funds. If the surplus is not claimed within one year, it is sent to the Florida Department of Financial Services as unclaimed property, and the owner or their beneficiary may then claim it from the Department.
Common pitfalls
- Missing the one-year transfer: If the surplus is not claimed within one year, it moves to the Florida Department of Financial Services. The money is not lost, but the process for claiming it changes.
- Confusing foreclosure surplus with tax-deed surplus: Tax-deed sales are a separate process with different rules and are not covered here.
- Not understanding the order of distribution: The clerk of court pays amounts in the final judgment first, then subordinate lienholders who filed timely claims, and finally the owner of record.
- Assigning rights without understanding limits: Assignments of surplus rights to recovery companies are limited by law—an assignee may not receive more than 12 percent of the surplus.
- Assuming legal help is required: Florida law allows the owner to claim surplus funds directly from the clerk without a lawyer. Legal assistance may be helpful in complex cases, but is not required.
FAQ
Who holds the surplus funds after a foreclosure sale in Miami-Dade County? The Miami-Dade County Clerk of the Circuit Court holds surplus funds in the court registry after a judicial foreclosure sale. What is the process for claiming surplus funds? You may file a claim with the clerk of court. The court will determine entitlement and order distribution according to Florida law. Who is entitled to the surplus? After paying amounts in the final judgment and any subordinate lienholders who filed timely claims, the owner of record as of the date the lis pendens was filed is entitled to any remaining surplus. What happens if the surplus is not claimed within one year? After one year, any surplus still held by the clerk is sent to the Florida Department of Financial Services as unclaimed property. Only the owner of record or the beneficiary of a deceased owner may claim it from the Department. Can I claim surplus funds without a lawyer? Yes. Florida law allows former owners to claim surplus funds directly from the clerk of court. Legal assistance is optional. Is this the same as surplus from a tax-deed sale? No. Tax-deed surplus is a separate process with different rules and is not covered on this page. Can a recovery company or assignee claim the surplus for me? An assignee may claim surplus funds on your behalf, but by law their total compensation may not exceed 12 percent of the surplus.
This page provides general information about foreclosure surplus funds recovery in Miami-Dade County, FL and does not create an attorney-client relationship.
Important information
Attorney advertising. Responsible attorney: Christian Cruz, Esq. Office: CRUZ LAW FIRM, 160 W Camino Real, 589, Boca Raton, FL, 33432.
Florida law does not require you to hire a lawyer or anyone else to claim foreclosure surplus funds. A former owner may file a claim with the clerk of court directly, and does not have to assign their rights to anyone to do so.
This page is general information about Florida law, not legal advice. Reading it does not create an attorney-client relationship, and no such relationship is formed until we have a signed written agreement.
Fee arrangements depend on the posture of the matter and are set out in a written agreement before any work begins. We are glad to explain how fees would work in your situation when we speak.