FLORIDA - Surplus Funds after Foreclosure AUCTION

Often times there are surplus monies remaining with the County Clerks office after a foreclosure auction. Make sure you don't have any funds owed to you.

Disbursement of surplus funds after judicial sale.

If the owner of record claims the surplus during the 60-day period and there is no subordinate lienholder, the court shall order the clerk to deduct any applicable service charges from the surplus and pay the remainder to the owner of record. The clerk may establish a reasonable requirement that the owner of record prove his or her identity before receiving the disbursement. The clerk may assist an owner of record in making a claim.

“Owner of record” means the person or persons who appear to be owners of the property that is the subject of the foreclosure proceeding on the date of the filing of the lis pendens.

“Subordinate lienholder” A subordinate lienholder includes, but is not limited to, a subordinate mortgage, judgment, tax warrant, assessment lien, or construction lien.

However, the holder of a subordinate lien shall not be deemed a subordinate lienholder if the holder was paid in full from the proceeds of the sale.

“Surplus funds” or “surplus” means the funds remaining after payment of all lienholder disbursements required by the final judgment of foreclosure and shown on the certificate of disbursements.

A person claiming a legal right to the surplus must prove to the court that such person is entitled to the funds.

During the 60 days after the clerk issues a certificate of disbursements, the clerk shall hold the surplus pending a court order.