📢 Important Update for Homeowners and Lienholders! 📢
Significant changes to Florida’s Surplus Fund Statute have made it crucial for homeowners and lienholders to act swiftly to claim surplus funds from foreclosure sales. 📈 With property values rising, third-party bidders now often outbid the lender’s Final Judgment of Foreclosure, creating surplus funds held by the Clerk of Court. The recent amendments to Fla. Stat. 45.032 give junior lienholders up to one year from the foreclosure sale date to file a claim, extending the previous 60-day window.
Who exactly does the state mean by “junior lienholder?” That’s any party with a subordinate lien on a foreclosed property, such as second mortgage holders, HOAs, contractors, or judgment creditors. These junior lienholders must file a claim for any surplus funds from the foreclosure sale within one year, or the funds will be deemed unclaimed property by the Clerk of Court.
💼 Why This Matters:
While this extension provides more time for lienholders to consult with attorneys and secure their claims, the elimination of the surplus trustee role is a double-edged sword. Previously, surplus trustees actively sought out prior homeowners to ensure they received their due funds. Now, without this dedicated role, the burden falls entirely on lienholders and homeowners to claim their surplus, or risk losing it as unclaimed property. 🕒 This shift places added pressure on individuals to act promptly, potentially leaving many unaware or unable to navigate the complex legal landscape.
At Woodbridge Amplified Residency LLC, we’re here to help you navigate these legal changes and ensure you don’t miss out on your rightful surplus funds. With the increased demand for residential properties and competitive bidding at foreclosure sales, it’s more important than ever to act promptly.
🔗 Don’t let your surplus slip away—reach out now and let us help you reclaim what’s yours!