I recently had a Florida foreclosure surplus funds hearing in Pasco County. I represented one of the owners (former husband) of the property, while the other owner assigned away her rights to an “asset recovery surplus companies”, also known as a surplus trustee.
The surplus recovery company hired a lawyer who appeared at the hearing and made outlandish arguments as to why the surplus company, through the former owner, was entitled to the entire amount. I quickly rebutted this bizarre argument and the judge agreed with my motion and granted my owner his share of the surplus funds.
When preparing the order to submit to the court, my client receives his full 50% of the remaining funds. Our firm then placed the exact amount of 12%, which is the MOST a surplus trustee is legally allowed to collect, in the order to go to the asset recovery company. The rest was to go to the former wife directly.
Upon receiving the proposed order, the attorney for the asset recovery company amended the figures that were to go to the surplus recovery company and to the former owner it represented. I was shocked when I saw that this attorney has boosted the fees to the asset recovery company by nearly three times the legal limit! That means, instead of taking 12%, as agreed to in the fee agreement and the most allowed by Florida Statute 45.032, the asset recovery company is now taking 35-40%.
The only reason I did not object was because I didn’t represent that specific owner (I represented the former husband). However, it prompted me to write this blog to further warn people of this exact situation.
Read this carefully: if you assign away your rights to the surplus recovery company, they will hire an attorney that is looking out for THEIR best interest, not yours. Hire your own Florida foreclosure surplus attorney to represent YOUR interests so this above situation does not happen to you.
Call me today for a free foreclosure surplus funds consultation!
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