Answer: Foreclosure surplus funds recovery helps former homeowners in Palm Beach County, FL, claim money left over after a judicial foreclosure sale. If the sale of your property brought in more than what was owed, you may be entitled to those surplus funds held by the clerk of court.

If you recently lost your home to foreclosure in Palm Beach County, you may be wondering what happens to any extra money from the sale. In Florida, foreclosure is a judicial process, meaning the court oversees the sale and the Palm Beach County Clerk of the Circuit Court holds any surplus funds in the court registry. These funds are not automatically sent to you, but you may have a right to claim them as the former owner. Our firm assists homeowners and beneficiaries of deceased owners in recovering these funds, whether they are still held by the clerk or have been transferred to the Florida Department of Financial Services as unclaimed property after one year.

Why choose us

  • We guide you through every step of the judicial foreclosure surplus recovery process in Palm Beach County.
  • Our office is conveniently located at 160 W Camino Real, 589, Boca Raton, FL 33432.
  • You can reach us at (561) 933-4747 during regular business hours.
  • We represent both former owners and beneficiaries of deceased owners in claims with the clerk of court and, if needed, with the Florida Department of Financial Services.

Services offered

  • Reviewing court records to determine if a surplus exists after a Palm Beach County foreclosure sale.
  • Preparing and filing claims for surplus funds with the Palm Beach County Clerk of the Circuit Court.
  • Representing former owners and eligible beneficiaries in court hearings if required.
  • Assisting with claims for surplus funds that have already been transferred to the Florida Department of Financial Services as unclaimed property.
  • Explaining the process and your rights under Florida law, including the order in which surplus funds are distributed.

Steps

  1. Initial review: We review your foreclosure case to confirm if a surplus exists and whether you are eligible to claim it.
  2. Gather documentation: We help you collect the necessary documents, such as proof of ownership as of the date the lis pendens was filed and identification.
  3. Prepare and file claim: We prepare and file your claim for surplus funds with the Palm Beach County Clerk of the Circuit Court.
  4. Court review: The court reviews all claims, including those from subordinate lienholders who may have filed timely claims.
  5. Distribution: If the court approves your claim, the clerk of court distributes the surplus funds according to the court’s order.
  6. Unclaimed property: If more than one year has passed since the sale and the funds have been sent to the Florida Department of Financial Services, we assist with the claim process there.

Example

Example scenario:
A homeowner in Palm Beach County faces a judicial foreclosure. The final judgment orders the property sold to pay off a $200,000 mortgage. At the foreclosure sale, the property sells for $220,000. After paying the judgment amount and any subordinate lienholders who filed timely claims, $15,000 remains as surplus. The Palm Beach County Clerk of the Circuit Court holds this surplus in the court registry. The former owner, or the beneficiary if the owner has passed away, may claim these funds by filing the proper paperwork. If no claim is made within one year, the surplus is sent to the Florida Department of Financial Services as unclaimed property, where only the owner of record or their beneficiary may claim it.

Common pitfalls

  • Missing the one-year mark: If no claim is filed with the clerk within one year after the sale, the surplus is sent to the Florida Department of Financial Services. The money is not lost, but the process to claim it changes.
  • Not understanding the order of distribution: Subordinate lienholders who file timely claims may be paid before the former owner.
  • Incorrect paperwork: Claims must be properly completed and supported by documentation showing you were the owner of record as of the date the lis pendens was filed.
  • Confusing foreclosure surplus with tax-deed surplus: Tax-deed surplus is a separate process not covered on this page.
  • Assignment pitfalls: Some companies offer to purchase your rights to the surplus for a fee. Under Florida law, an assignee’s total compensation is capped at 12 percent of the surplus.

FAQ

What is foreclosure surplus in Palm Beach County, FL? Foreclosure surplus is the money left over after a judicial foreclosure sale, once the amounts ordered in the final judgment and any timely claims by subordinate lienholders are paid. The surplus is held by the Palm Beach County Clerk of the Circuit Court. Who can claim surplus funds? The owner of record as of the date the lis pendens was filed, or the beneficiary of a deceased owner, may claim surplus funds. Subordinate lienholders who file timely claims may also be entitled to a portion. How long do I have to claim surplus funds? You may file a claim with the clerk of court until one year after the foreclosure sale. After one year, any surplus still held by the clerk is sent to the Florida Department of Financial Services as unclaimed property, where only the owner of record or their beneficiary may claim it. Do I need a lawyer to claim surplus funds? Florida law allows former owners to claim surplus funds directly from the clerk of court without a lawyer. However, some people choose legal help to navigate the process or if there are disputes. What happens if I miss the one-year period? If you do not claim the surplus within one year, the funds are transferred to the Florida Department of Financial Services as unclaimed property. You may still claim the money from the Department, but only if you are the owner of record or the beneficiary of a deceased owner. Is this the same as tax-deed surplus? No. Tax-deed surplus is a separate process with different rules and is not covered on this page. How are surplus funds distributed? The clerk of court pays out funds in this order: amounts required by the final judgment, then subordinate lienholders with timely claims, then the owner of record as of the date the lis pendens was filed. Where are you located and how can I contact you? Our office is at 160 W Camino Real, 589, Boca Raton, FL 33432. Call (561) 933-4747 during business hours for assistance.

This page provides general information about foreclosure surplus funds recovery in Palm Beach 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.