Atlanta, GA asked in Foreclosure, Land Use & Zoning and Real Estate Law for Georgia

Q: I have a property in Georgia that went into bank foreclosure, it sold for significantly more than was owed.

I understand that the surplus is to go to the title holder but I don't understand how to start that process or how to make the motion to have the trustee send the funds to me.

1 Lawyer Answer
James Clifton
James Clifton
  • Foreclosure Defense Lawyer
  • Fayetteville, GA
  • Licensed in Georgia

A: The attorney who handled the foreclosure for the bank receives the money on behalf of the bank at the foreclosure sale. Based on the condition of the title, the foreclosure attorney will either release the funds to the former titleholder if there are no other claimants or turn the funds over to the court in an interpleader action if there are multiple claimants. At that time, you would need to file an answer in the interpleader and state your case for the surplus funds. Attorneys in Georgia typically charge a percentage of the amount recovered to file the claim on your behalf. Schedule a free consultation to make sure your claim is preserved.

Jennifer Pierce agrees with this answer

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