If you owned a home that went through a foreclosure you may have “Excess Proceeds” in Maricopa that you are entitled to claim. You can see if you have excess proceeds in Maricopa by going to the Maricopa County website found by Clicking Here.
Why Use The Butler Law Office?
You have probably been contacted by other companies or law firms that have offered to assist you in the recovery of your excess proceeds. As you make your decision about selecting someone to help you, The Butler Law Office would ask that you consider that following:
- Butler Law Office is local. You can come and visit us in our office at 406 E. Southern in Tempe or Contact Us. Butler Law Office offer free consultations for excess proceeds clients.
- All of our attorneys are licensed Arizona attorneys. At Butler Law Office value our law licenses and want to make sure that our clients achieve the best results possible.
- We have a track record of successful representation in excess proceeds cases. We know and understand the procedure and process and can provide competent representation in helping you recover your money.
- We are responsive to your needs. We answer our phones. We respond to emails. You can call us at any time to get the status of your case.
- Butler Law Office fees are reasonable and contingent. If you don’t get paid, we don’t get paid. (Note that in certain cases, we may ask you to pay the filing fee and costs, which is typically about $300.)
The Butler Law Office has recovered over $1.7 million (link to track record) dollars for our clients who have excess proceeds from the foreclosure sale of their home. Please explore The Butler Law Office website for more information, or give us a call at (480)921-0626 to schedule a free consultation.
Frequently Asked Questions
What are Excess Proceeds
When a property goes through foreclosure (trustee’s sale) in Arizona, if the bid at the foreclosure sale is more than the amount necessary to pay the debt on the property, the extra money is deposited by the foreclosing trustee with the county treasurer. These funds are referred to as “Excess Proceeds.”
Who is entitled to the money?
The Arizona law sets forth the priority for who is entitled to the money. In general, the statutory scheme provides that the money goes first to Home owner associations, second lien holders (Home equity lenders typically), and then the homeowner.
What if I have a judgment against me–does the judgment holder get the money?
Yes and no. If this property was your home at the time of the foreclosure, you are entitled to assert your “homestead” rights against the judgment lien holder, and you will get the money.
Does the second lien holder always get the money?
In many cases the second lien holder does not apply for the money. If the lien holder does not apply within the time frame allowed, then the court will award the money to you.
Where can I go to see if I have excess proceeds?
The Maricopa County Treasurer maintains a website that lists the cases that have been filed and the amount of money that was deposited. The list is in alphabetical order, so you can scroll down until you see your name, and the amount of money that was deposited with the county treasurer.
If my name is on the list, does that mean that I have been sued?
No. It just means that excess proceeds from the sale of your property have been deposited with the county treasurer.
How long does it take?
The Arizona Statute, A.R.S. 33-812 sets forth the procedure. Once the money has been deposited with the County Treasurer, the homeowner or other claimants can file an application for the money. If there is more than one claimant, then there is a waiting period of 180 days before anyone can recover the money. If there is only one claimant (the homeowner), then the waiting period is 45 days.
If my name is on the list, does that mean that I am entitled to the money?
Maybe. If you had a second lien holder (Home equity line of credit or second mortgage), or an HOA, then the lender is entitled to the money before you can get it. However, the lender MUST APPLY for the money in a timely manner, which does not always happen.
How much do you charge?
The Butler Law Office does all excess proceeds applications on a contingent fee basis, which means that we only get paid if you get paid. In most cases, we advance the filling fees and costs, meaning that you do not have to put out any money to start the proceeding. The fees vary, depending on the complexity of the case and our assessment of the likelihood of recovering the money. If for example, there is a second lien holder who has the right to recover the money, our contingent fee might be higher than if you are the only claimant. Our average fee (including the filing fees and costs) is between $2,500 and $3,000, but can be higher or lower depending on the situation.