Frequently Asked Questions
Below is a list of the most common questions prospective clients ask about our asset and surplus recovery services.
Is this Real?
Yes, this is most definitely real. Understandably, you might be surprised to learn that the government likely owes you a significant amount of money from your foreclosure. Currently, there are billions of dollars sitting in accounts and accruing interest for the state while waiting to be claimed. This money accrues from foreclosure surplus, insurance policies, music royalties, unclaimed paychecks, rent security deposits, and much more.
What are surplus funds from foreclosure?
Surplus funds are simply the money left over after payment. With regard to foreclosures, surplus funds are the amount remaining after payment of all disbursements. If the amount paid on the home is more than the amount owed on the mortgage, the remaining money is considered surplus.
Why Choose Us?
The Law Offices of Christopher T. Campbell specializes in asset and surplus funds recovery. We are skilled in navigating the tedious process of recovering unclaimed property, paying extreme attention to detail. We go above and beyond to provide exemplary service, with the goal of recovering assets as swiftly and efficiently as possible.
How much will it cost to hire your office?
If you choose to enlist our surplus recovery services, you can select from two convenient payment options:
- Option 1 – You would be charged an hourly rate with a retainer to be paid upfront.
- Option 2 – We are paid a percentage of the funds we recover for you; no money is collected upfront. This is a contingency-based option, meaning we do not get paid unless you get paid. If we do not recover anything for you, then you do not pay us anything.
How long will this take?
The simple answer is the entire process should only take a few months, barring any snags or surprises. This estimate can easily fluctuate depending on you, the specifics of your case, and the responsiveness of the government offices involved.
How can you be sure the money will go to you?
If you are the person on the deed, then the money will go to you. If you owned the property with someone else, you would receive an amount based on the percentage of the share you owned, and the other owner(s) will receive their share. If a deceased spouse owned the property, then you will receive the entire amount. Sometimes, divorce results in property distribution settlements that grant one partner all the equity in the marital home. In this situation, if you owned the property then you will receive the entire surplus amount.
Do I have to leave my home immediately after the sheriff’s sale?
No, you can either leave voluntarily or be evicted by the sheriff’s department upon an order from a judge. It can take three to four months for an eviction to take place. Additionally, you can opt for a “cash-for-keys” deal, where the new owner pays you to move out prior to eviction. Until you choose to leave or are formally evicted, no one can come into your home – not the buyer or anyone working for the buyer.
What else should I know while considering my options?
Watch out for quick claim deeds and other parties looking to claim assets. Unfortunately, we have met homeowners that unknowingly sold or signed away their rights to their money with a ‘quick claim deed.’ This means they effectively gave up their rights to any excess money for a fraction of what they would have received. We have also witnessed situations where winning bidders or the original foreclosing banks tried to obtain the surplus money. Additionally, be wary of businesses that hold information. We know of companies that collected more than a 35% contingency fee, not telling the homeowner how much money they should expect to recover or telling the homeowner that the money will be gone in a short period of time if nothing is done. If caught, these companies are subject to a fine and punishment by the State. In the end, we advise you to speak to an attorney before signing anything regarding your home.
Why should I hire an attorney?
Various companies may contact you claiming to specialize in asset recovery. While they may know about surplus money, they are limited in their ability to provide representation. Since they are not lawyers, they cannot go to court to argue for you and they cannot submit legal briefs to the court. They also do not know the laws for real estate, condo or homeowner associations, bankruptcy and foreclosure, Medicaid, wills, trusts, estate, or divorce. In fact, New Jersey Court Rules will require those companies to hire a lawyer anyway. It will save you significant time and money to use a qualified licensed attorney to look out for your interest and answer your questions throughout the entire process. Additionally, attorneys are ethically bound to work in their client’s interests only. Other companies have no such duty. Attorneys are licensed by the state, subject to strict standards, and required to take yearly classes concerning legal updates. Lastly, most of these asset recovery companies are in another state – unfamiliar with you or the legal requirements specific to your state. When you choose to work with the Law Offices of Christopher T. Campbell, you can easily come to my office in New Jersey or New York City, or I can come to you.