What is an excess sale, and how does it work?
Excess sales proceeds are the funds that are leftover after a trustee sale.
There may be money left over after the trustee’s sale because the lender who foreclosed has been fully compensated. “Excess sales revenues” are the name given to this extra funds. The right to apply for those money belongs to all junior lienholders and the owner of the property at the time the property was sold. In most situations, the Trustee conducting the Trustee’s Sale will deposit the proceeds with the County Treasurer or Assessor before filing a complaint and serving notice of it on each person mentioned on the title policy.
I offer a consultation regarding the consequences of foreclosure, short sale or deed in lieu of foreclosure.
“This firm is not a tax firm, but we will provide you with referrals to some very good tax attorneys.”
AZ Excess Sale Proceeds Video Library
I have found hundreds of scams from folks offering to “help” people obtain those proceeds. Some of these folks were attorneys, such as Ingrid Joy Warrick (3 year suspension for money laundering, in addition to prior suspension).
Over the last several years our office has delivered almost $800,000 to our clients in the form of excess sale proceeds. These are proceeds left over after a lender foreclosed on Arizona property. There are rules who can apply for the funds so it is important to talk to someone experienced in that area of law.
Please be careful about hiring anyone to help you without first checking our their reputation and credentials.
Certainly, I would not hire anyone who contacts me because they are looking to sell me something. Instead, I would do as my clients did – do your own research and find someone your are comfortable with. Last note – never sign a contract with anyone who contacts you directly without first talking to one or two others about the situation. Just because they say they are a lawyer, don’t assume they are telling the truth. Always check them out with the state bar where they say they are licensed. Here is the link to the State Bar of Arizona.