FAQs
What are surplus funds?
Surplus funds are the excess monies held in court registry as a result of a foreclosure sale.
My name is on the Deed of the property that is being foreclosed, but is not on the associated mortgage. Do I have an interest in the subject property?
Yes. Anyone listed as a “Grantee” on the Deed is due a portion of the surplus funds unless that person has signed his/her interest to someone else.
Who is entitled to the surplus funds, if the owner(s) are deceased?
Any heirs/beneficiaries (ie. spouse, brother, daughter, etc.) may have a legal interest in the property. Vesco Services, LLC. can assist in any probate matters and the recovery of surplus funds.
How much will it cost me to employ Vesco Services, LLC. to assist in recovering my surplus funds?
There are no “out-of-pocket” expenses. Vesco Services, LLC. works strictly on a contingent basis. If for some reason we are unable to assist you in recovering your money, you will incur absolutely no expenses (ie. legal fees, court fees, and/or service fees).
How long will it take to receive my money?
The process can be done in as little as 30 days, but may take up to 90 days depending on the County and Court system.
We received our check. We are wondering about taxes on this money. Do we need to report this to the IRS?
Probably. However, we do not provide you with specific tax or legal advice and nothing stated should be deemed as such. You should consult with your own attorney and accountant regarding these matters.