Phoenix Legal Resource Blog
Can Former Homeowners Claim Money After a Foreclosure Sale in Arizona?
When an Arizona property is sold at a trustee’s sale for more than the amounts that must be paid from the sale, money may remain. A former homeowner may ultimately be entitled to some or all of that balance—but simply owning the property before foreclosure does not automatically establish a right to every dollar.
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Is That Letter About Foreclosure Excess Proceeds a Scam? Here’s How to Tell
Receiving an unexpected letter, postcard, email, text, or telephone call claiming you have money left over from a foreclosure can sound suspicious. Sometimes the money is real. That does not necessarily mean the person contacting you is a court official, government employee, attorney, or trustworthy recovery company.
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Top Warning Signs of Foreclosure Surplus Fund Scams in Arizona
A foreclosure may end with money left over after the trustee’s sale. Those excess proceeds, meaning funds remaining after required sale expenses and secured obligations are addressed, can sometimes be claimed by people or entities with a legal interest in the property. But the existence of legitimate funds can also attract aggressive marketers, questionable recovery companies, and outright scammers.
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What Is the Maricopa County Excess Proceeds Process? A Step-by-Step Guide
When a foreclosure sale brings in more money than is needed to satisfy the obligations paid through the sale, the remaining money may become excess proceeds, meaning funds left after required sale expenses and secured obligations have been addressed. In some Arizona trustee’s-sale cases, those proceeds are deposited with the county treasurer while the Superior Court determines who is legally entitled to receive them.
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Arizona A.R.S. § 33-812 Explained: Who Gets Excess Money After a Trustee’s Sale?
When an Arizona property is sold through a trustee’s sale for more than the amount needed to satisfy certain debts and sale expenses, money may remain. These Arizona trustee’s sale excess proceeds can sometimes be claimed by a former property owner, a junior lienholder, a homeowners’ association, an heir, or another person with a valid legal interest.
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Bankruptcy Unclaimed Funds: How Arizona Creditors and Debtors Can Recover Money
Money can remain in a bankruptcy case long after distributions are supposed to be completed. A creditor may have moved, a check may have gone uncashed, a business may have changed names, or the person entitled to the money may have died. When that happens, the funds may eventually be deposited with the bankruptcy court and remain there until an eligible claimant proves a legal right to receive them.
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What Happens if Your Chapter 13 Bankruptcy Is Dismissed in Phoenix? A Bankruptcy Lawyer Explains Your Options
If your Chapter 13 bankruptcy is dismissed in Phoenix, the protections that you relied on during the case can disappear quickly. Creditors may be able to restart collection activity, a mortgage lender may resume foreclosure proceedings, and a vehicle lender may pursue repossession. A dismissal also means you will not receive the Chapter 13 discharge you were working toward.
I Received a Notice About Unclaimed Bankruptcy Funds—What Should I Do?
Receiving an unclaimed bankruptcy funds notice can be confusing. The notice may say that a bankruptcy court is holding money connected to you, a former business, a deceased relative, or an old creditor account. The funds may be legitimate, but the person contacting you may not necessarily be someone you should trust.
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What Happens to Unclaimed Funds in a Chapter 13 Bankruptcy in Arizona?
Money can remain unclaimed in a Chapter 13 bankruptcy long after the case appears to be over. A former debtor may discover an old balance, a creditor may learn that a distribution was never received, or an heir may receive notice that funds are associated with a deceased relative.
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Retiring With Debt in Phoenix? Learn About Your Debt Relief Options
Unfortunately, debt can become a serious burden when your working years end. Credit cards, medical bills, personal loans, mortgages, vehicle payments, and other obligations can become particularly difficult to manage when your income shifts from a paycheck to Social Security, pensions, and retirement savings.
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