Q: If my property is sold as a result of a mortgage foreclosure for more than the amount owed to the bank, what happens to the extra money?
A: The extra money is called surplus funds. The bank is only entitled to what is owed to them and their fees. The surplus, minus any liens due, belongs to you. If there are surplus funds, you should be notified by the foreclosing attorneys for the bank. The court will determine if the Clerk's Office or Sheriff's Office will hold the funds.
Q: As a tenant living in a property in foreclosure, is there any remedy available to me?
A: Unfortunately, there are no remedies available for tenants living in foreclosed homes. However, tenants can file for an extension of time to allow for relocation. The tenants must file a motion to request an extension before the judge assigned to the case.
Q: How do I claim a surplus?
A: To claim a surplus, you must file a motion to appear before the Presiding Judge of the Chancery Division and obtain a court order to have your funds released. The order must be submitted to the office holding the surplus funds (i.e., Clerk's Office or Sheriff's Office). This office will then process the order, which takes approximately ten business days for the surplus funds to be released.
Q: Once a foreclosure is filed, can I sell my property?
A: Yes, the property can be sold until the end of the redemption period, which is established in the Judgment of Foreclosure. However, sometimes it can still be sold after the redemption period with the court's permission.
Q: How much is a new foreclosure case?
A: The cost to file a new case is $418.00.
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