Why it's Time to Eliminate Florida Foreclosure Surplus Trustees and Surplus Recovery Companies

First off, I want to start off with a disclaimer. I know a lot of fellow Florida lawyers that are hired by these surplus recovery companies that are good and fair lawyers. This article is not an insult to their performed services.

In Florida, there are literally hundreds of people/companies that try and get homeowners that have been foreclosed on, and there are surplus funds to collect, to assign away their rights to them. The legal term for these businesses is called a surplus trustee or surplus assignee. Many of these businesses have terms like “asset recovery group” or “surplus funds recovery”, in their name. As I have enumerated in the past, these businesses are NOT lawyers. Which means they are not governed by the Florida Bar.

So, one might ask why the Florida Legislature allows for Surplus Trustees and Assignees? The intent of the legislature was to give a mechanism for the Florida courts to help homeowners, that are unaware of their surplus funds existence, become aware through a trustee or assignee finding that person. If that trustee finds that person, then the trustee then can receive a signed assignment of rights from the homeowner, hire a lawyer to represent the surplus company and then try and collect any surplus funds.

Yet, this process has been abused to the upmost in Florida. I have witnessed fraud on extreme levels, especially in Miami surplus funds cases or Broward surplus funds cases. That includes forged signatures, finding the wrong person who happens to have the same name, and using the most unprofessional methods of trying to coerce a former homeowner into assigning away their rights.

Now, 60 days after the sale, the Florida legislature mandates the Court initiate a surplus trustee to try and find the former homeowner within a year. I believe this should be done away with. In fact, there should be no more surplus trustees or assignees through a third-party company. Our suggestion is for the Florida Legislature mandate that a lawyer, via an guardian ad-litem, be assigned to any foreclosure surplus case should 60 days pass and a former homeowner doesn’t claim the funds themselves. In that capacity, a guardian ad-litem is a lawyer that can collect a reasonable hourly wage from the surplus proceeds should they locate the right individual.

This is what needs to happen in Florida. This will keep fraud out of Florida foreclosure surplus cases. Former homeowners that are entitled to the equity they have paid for years, need to hire their own foreclosure surplus lawyer and not assign away their rights to a non-lawyer anymore.

My hope is that the Florida legislature will implement this soon. Then, it is my hope that homeowners will hire these amazing foreclosure surplus lawyers across the State of Florida to represent their interest, and not have to assign away their rights and control.

As a very experienced Florida foreclosure surplus recovery law firm, we believe this is in the best interest to the former homeowners and the court system in Florida.

If you are a former homeowner and you may have a right to collect Florida foreclosure surplus overage funds, contact me today for a free consultation. I will personally answer and if you hire me, I will not get paid unless I collect and win for you.

Whether you are looking for an Orlando foreclosure surplus collection lawyer, Palm Beach foreclosure surplus collection lawyer, Tampa foreclosure surplus collection lawyer, Pasco County foreclosure surplus collection lawyer, Jacksonville Florida foreclosure surplus collection lawyer, Walton beach foreclosure surplus collection lawyer, Daytona beach foreclosure surplus collection lawyer, Miami foreclosure surplus collection lawyer, Fort Lauderdale foreclosure surplus collection lawyer, Sarasota foreclosure surplus collection lawyer, Fort Myers beach foreclosure surplus collection lawyer, Miami Beach foreclosure surplus collection lawyer, West Palm Beach foreclosure surplus collection lawyer, Kissimmee foreclosure surplus collection lawyer, Lakeland foreclosure surplus collection lawyer, Clearwater foreclosure surplus collection lawyer, Melbourne foreclosure surplus collection lawyer, or a Pinellas County foreclosure surplus collection lawyer, we will represent parties in any county in the state of Florida!

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