Surplus Funds
At Kanwisher Law, we have experience in handling surplus funds cases for property owners and other individuals in North Carolina. Surplus funds are often generated during foreclosure sales, tax lien sales, or other property auctions, and they represent the excess money left over after a property has been sold to satisfy debts. If you are entitled to surplus funds from a foreclosure sale or another auction, we are here to help you recover those funds and navigate the complex legal process.
Unfortunately, many individuals are unaware of their right to claim surplus funds, or they encounter difficulties when trying to recover them. We focus on helping individuals and families reclaim these funds and ensure they receive what they are rightfully owed.
We begin by reviewing your case to determine whether you are entitled to surplus funds. This includes verifying the details of the property sale and the amount of the surplus. In addition, we will explain the legal process of claiming surplus funds and outline the steps required to recover the money you are entitled to. We will guide you through the entire process and answer any questions you may have.
In North Carolina, surplus funds claims are handled through the court system in the county where the property is located. We will handle the drafting and submission of all necessary documents to make sure your claim is valid and complete. In addition, we will obtain the required title opinion that will be submitted with the filings. You will not be present at the hearing alone as we will represent you throughout the process. Sometimes objections are made by other parties, but we will handle these objections and advocate for your right to receive the surplus funds. In some cases, there are valid claims that will need to be paid out of the surplus funds. We will review and explain these claims with you so there are no surprises. We are experienced at navigating these challenges and ensuring that your interests are protected.
Time is important when recovering surplus funds and we will work diligently to ensure that the funds are returned to you as quickly as possible.
Get Started Today with Your Surplus Funds Claim
If you believe you are entitled to surplus funds from a foreclosure sale or property auction, don't wait to act. Contact Kanwisher Law today for a consultation. We will review your case, explain your options, and help you recover the funds you are owed.Contact Us
Frequently Asked Questions
What is a partition action, and when do I need one?
A partition action is a legal process used to divide jointly owned property among co-owners who are unable to agree on how to manage or distribute it. If co-owners of property (such as family members, business partners, or heirs) cannot come to a mutual agreement, a partition action may be necessary to either physically divide the property or sell it and split the proceeds.
What is the difference between a partition in kind and a partition by sale?
A partition in kind involves physically dividing the property into separate portions for each co-owner. This option is typically used when the property is divisible and can be fairly divided. A partition by sale, on the other hand, involves selling the property and distributing the proceeds among the co-owners when physical division is impractical or would result in an unfair or unequal distribution.
How do I file a partition action in North Carolina?
To file a partition action in North Carolina, you must initiate the process by filing a lawsuit in the county where the property is located. The court will then evaluate the situation, and the court will determine whether a partition in kind or by sale is appropriate. We can help guide you through the filing process and represent your interests in court.
What happens if some co-owners disagree with the partition action?
If some co-owners disagree with the partition action or the proposed division, the case may become more complex. All co-owners have a right to be at the hearing and be heard. The court will evaluate the objections and make a final determination based on what is fair and equitable. In some cases, mediation may be used to resolve disputes before proceeding to trial.
Can I recover expenses and legal fees in a partition action?
North Carolina law allows certain expenses to be recovered by a co-owner, and in certain circumstances, the court may award legal fees. We will discuss this with you in more detail during your consultation.