Surplus Recovery FAQ’s

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What is A Certified Surplus Trustee and What is the Surplus Trustee program in Florida?

A Surplus Trustee is an entity certified by the Florida Department of Financial Services {DFS} that holds and administers surplus proceeds from a foreclosure pursuant to ss. 45.031-45.035. Go to 45.034 ss to view qualifications requirements for certification. If surplus funds are unclaimed, after a statutory period of time the County Clerk of Court may make a request to DFS to appoint a Surplus Trustee to a specific case.

Surplus Refund Corporation receives Surplus Trustee appointments to specific cases via the DFS Surplus Trustee program. Surplus Refund Corporation also works to assist owners to obtain their Surplus Refunds when the County Clerk of Court has not appointed a Trustee to a specific case. SRC’s surplus agreement provides disclosure to our recipients informing them when no specific Trustee has been appointed to a case. Further, if a County Clerk does appoint a Surplus Trustee to a specific case, SRC will no longer pursue that case, unless Surplus Refund Corporation is the appointed Trustee.

 

What are Surplus Funds and why should a homeowner with liens and mortgages on the property believe they can receive a Surplus Refund?

Surplus Funds are generated when investors at the foreclosure auction sale compete for properties and bid more than the final judgment due. The ‘over bid’ is called surplus. Lenders and lien holders have a limited time to claim the surplus. SRC’s attorneys are able to use their knowledge of Florida law and procedures to obtain the surplus funds, and in most cases will obtain a judicial Court order disbursing the surplus funds.  Bottom line: SRC’s attorney can legally obtain a Surplus Refund from the Court.

 

What about costs and expenses, what does a Recipient owe and how is a Recipient paid?

Surplus Refund Corporation is paid only when successful for you. We work on contingency agreement for you and our Recipients never pay any out of pocket costs or expenses. Surplus Refund Corporation pays all costs, expenses, and attorney fees which are included in our percentage. In the event SRC’s counsel is unable to obtain any surplus funds Recipient will pay nothing! Upon success, Recipient will receive an accounting of all funds obtained; including a copy of the Court check received. SRC’s attorney will promptly pay Recipient according to the negotiated percentage agreed with SRC.

 

What if the owner is deceased, who is entitled to the surplus funds?

Approximately 20 percent of Surplus Refund Corporation’s cases are completed for the benefit of heirs and beneficiaries of deceased owners. SRC’s agents are knowledgeable and experienced with successfully handling surplus cases for Recipient heirs when an owner is deceased. Surplus Refund Corporation has proven and established forms and affidavits SRC’s attorney will present to successfully obtain the surplus funds for the benefit of our Recipient heirs. If the deceased person did not have a will, their heirs are defined and paid according to intestate succession.

 

Do I have to go to Court?

No. You do not have to go to Court; however your attendance at the hearing is welcome. After you sign and return the surplus agreement Surplus Refund Corporation’s attorney will file the necessary legal documents with the Court. You will receive a notice of the Court hearing date however your attendance is not required, that is SRC’s attorneys’ job. SRC’s service and goal is to make the Court Surplus Refund process effortless and stress-free for you. SRC’s agents will keep you updated throughout the process.

 

How long does the Court Surplus Refund process take?

SRC’s attorney will file and schedule a hearing for disbursement of Surplus Funds with the Court as soon as possible. Depending on the Court’s calendar a hearing date can be obtained as early as ten days and as long as three – four weeks after Surplus Refund Corporation receives surplus agreement. Clerk check processing timeline is approximately twenty days. On average the total length of time from the date of hearing to the date County Court mails checks is five weeks.

 

I need money today; can I receive a Surplus advance now?

Yes, in many cases Surplus Refund Corporation can provide a surplus advance to you today. In addition to providing great service we can provide a surplus advance to you now. SRC Recipients are never charged extra for a surplus advance down payment.  Surplus Advance Down Payment.

 

Do you have references and testimonials?

Yes, of course. Surplus Refund Corporation has hundreds of satisfied Recipients. At the same time we respect our Recipient‘s right to privacy and confidentiality. SRC’s professional conduct and policy is not to promote or disclose Recipient case or contact information. Every case is strictly confidential including the initial telephone consultation.

 

What if I am contacted by a person or company offering similar services and they say a P.I. License is not needed?

Unlicensed individuals, unlicensed companies, and unlicensed agencies can hurt your case.  Individuals or agencies must be licensed who advertise as providing or performs services regarding the whereabouts of missing persons, owners of abandoned or escheated property, heirs to estates and the location or recovery of lost or stolen property.

 

I want to move forward with Surplus Refund Corporation…………………..What do I do?

Surplus Refund Corporation’s goal is to make the Court Surplus Refund process effortless and stress-free for you. It is best to fax or email-scan the agreement first, and then snail-mail the original with a copy of your ID. All SRC agents are properly licensed and Surplus Refund Corporation is insured. Your privacy, confidentially, personal information, and identity is respected and secure. After receiving agreement we will call you to confirm receipt and SRC’s attorney will begin the Surplus Refund process with the Court. Let’s move forward.

  • The sooner you send in Surplus Refund Corporation’s Agreement, the sooner we can start working for you.