Answer Foreclosure surplus funds recovery in Polk County, FL helps former homeowners claim any extra money left after a judicial foreclosure sale, once the mortgage and other debts are paid. The surplus is held by the Polk County Clerk of the Circuit Court, and the process for claiming it is set by Florida law.

If your Polk County home was sold at a judicial foreclosure, you may be entitled to surplus funds remaining after the mortgage and other liens are paid. These funds are held by the clerk of court, not the lender, and can be claimed by the owner of record as of the date the foreclosure lawsuit (lis pendens) was filed. Our firm assists former owners and, when needed, beneficiaries of deceased owners in navigating the court process to recover these funds, including cases where the surplus has already been sent to the Florida Department of Financial Services as unclaimed property.

Why choose us

  • We guide you through the judicial foreclosure surplus process in Polk County, ensuring all required steps are followed.
  • Our office is located at 160 W Camino Real, 589, Boca Raton, FL 33432, and we serve clients throughout Florida.
  • You can reach us at (561) 933-4747 during regular business hours for questions or to schedule a consultation.
  • We also assist with claims for surplus funds that have been transferred to the Florida Department of Financial Services as unclaimed property.

Services offered

  • Reviewing your Polk County foreclosure case to determine surplus eligibility.
  • Preparing and filing all necessary court documents to claim surplus funds from the clerk of the circuit court.
  • Representing former owners and beneficiaries of deceased owners in court proceedings related to surplus distribution.
  • Handling claims for surplus funds that have been sent to the Florida Department of Financial Services after one year.
  • Explaining the process and your options, including how to claim surplus funds directly if you choose not to use an attorney.

Steps

  1. Case Review
    We review your Polk County foreclosure case to confirm whether a surplus exists and who may be eligible to claim it.

  2. Document Preparation
    We prepare the required paperwork to file a claim with the Polk County Clerk of the Circuit Court, ensuring all information is accurate and complete.

  3. Filing the Claim
    We file your claim in the foreclosure case, following the procedures set by Florida’s judicial foreclosure laws.

  4. Court Review
    The circuit court reviews all claims, including those from subordinate lienholders who filed timely, and issues an order directing the clerk how to distribute the surplus.

  5. Distribution
    The clerk of court distributes the surplus according to the court’s order. If no eligible subordinate lienholder claims are filed, the owner of record as of the lis pendens date is next in line.

  6. Unclaimed Funds
    If the surplus remains unclaimed for one year after the sale, the clerk sends the funds to the Florida Department of Financial Services as unclaimed property. At that point, only the owner of record or the beneficiary of a deceased owner may claim the funds from the Department.

Example

Example scenario:
A homeowner in Polk County, FL, loses their home in a judicial foreclosure. The final judgment orders the property sold, and the sale brings in $210,000. The mortgage and court-ordered costs total $200,000. After paying these, the Polk County Clerk of the Circuit Court holds a $10,000 surplus in the court registry. No subordinate lienholders file a claim. The owner of record as of the lis pendens date can file a claim with the clerk to recover the $10,000. If the funds are not claimed within one year, the clerk sends them to the Florida Department of Financial Services as unclaimed property, where the owner or their beneficiary may still claim them.

Common pitfalls

  • Missing the one-year mark: If surplus funds are not claimed from the clerk of court within one year of the sale, the money is sent to the Florida Department of Financial Services. It is not lost, but the process for claiming it changes.
  • Confusing foreclosure surplus with tax-deed surplus: Tax-deed surplus is a separate process not covered here.
  • Assuming the lender holds the surplus: In Florida, the clerk of court—not the lender—holds any surplus from a judicial foreclosure sale.
  • Overlooking subordinate lienholders: Subordinate lienholders who file timely claims may be paid before the owner of record.
  • Assigning rights to a recovery company: If you assign your rights to a surplus recovery company or other assignee, Florida law caps their total compensation at 12 percent of the surplus.
  • Not knowing you can file directly: Former owners are allowed to file a claim for surplus funds directly with the clerk, without an attorney.

FAQ

What is foreclosure surplus in Polk County, FL? Foreclosure surplus is any money left over after a judicial foreclosure sale, once the mortgage and other debts listed in the final judgment are paid. The surplus is held by the Polk County Clerk of the Circuit Court. Who can claim surplus funds? After subordinate lienholders who file timely claims are paid, the owner of record as of the date the lis pendens was filed may claim the surplus. If the owner has died, a beneficiary may claim. How long do I have to claim surplus funds from the clerk? If the surplus is not claimed within one year after the sale, the clerk sends the funds to the Florida Department of Financial Services as unclaimed property. The money is not lost, but the claim must then be made to the Department. What happens if I miss the one-year period? After one year, the surplus is presumed unclaimed and transferred to the Florida Department of Financial Services. Only the owner of record or the beneficiary of a deceased owner may claim it from the Department. Do I need a lawyer to claim surplus funds? You are allowed to file a claim directly with the clerk of court. Some people choose to have an attorney assist with the process, especially if the situation is complicated or if there are disputes. Is this the same as tax-deed surplus? No. Tax-deed surplus is a separate process not covered on this page. Can I assign my rights to a surplus recovery company? You may assign your rights, but under Florida law, the total compensation to an assignee cannot exceed 12 percent of the surplus.

This page is for general information only and does not create an attorney-client relationship.

Important information

Attorney advertising. Responsible attorney: Christian Cruz, Esq. Office: CRUZ LAW FIRM, 160 W Camino Real, 589, Boca Raton, FL, 33432.

Florida law does not require you to hire a lawyer or anyone else to claim foreclosure surplus funds. A former owner may file a claim with the clerk of court directly, and does not have to assign their rights to anyone to do so.

This page is general information about Florida law, not legal advice. Reading it does not create an attorney-client relationship, and no such relationship is formed until we have a signed written agreement.

Fee arrangements depend on the posture of the matter and are set out in a written agreement before any work begins. We are glad to explain how fees would work in your situation when we speak.