Friday, July 13, 2012

Retrieving your Equity from Foreclosure Sale and Filing a Motion for Surplus Money Proceeding

Question: Our home was recently foreclosed on by the mortgage company. There will be a sum of several hundreds of thousands of dollars in equity owed to us after the mortgage company takes the money that is owed to them. We have been contacted by individuals and lawyers stating that we should retain their services in securing our equity from the foreclosure sale. They want a substantial percentage of the proceeds that will be due to us to handle this procedure. The New York City rules seem to indicate that the money owed to us are simply dispersed as a matter of law in a timely manner. I can't understand why we would need such an expensive representation for this as our case is not so complicated. Do I need to file anything along the way and do I need an attorney?

Response: You will likely need an attorney who can bring a motion to the court for the Surplus Money Proceeding. It takes time for the court to hear you on your motion, then decide it, and thus, for the money to be disbursed. You will need to go through the New York City Department of Finance to obtain the funds eventually. Paying a percentage of the recovered amount seems a bit excessive. Look for a professional who would agree to do it based on a fixed retainer fee.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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