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FAQ
What are excess proceeds?
A home is typically foreclosed through a process known as a Trustee Sale. A Trustee's Sale is when an individual or firm (the Trustee) holds an auction to sell the home in an attempt to recover the balance owed to the foreclosing lender. The amount by which the purchase price at auction exceeds the balance owed the foreclosing lender is known as Excess Proceeds/Surplus Funds.
How long does it take to get my money?
It depends on the State you are in and the requirements of that State. For example, It could take as little as 3 weeks in Florida to complete the recovery process, or as long as 10 months in Arizona. Pure Proceeds understands the need for a quick recovery and guarantee we will recover your funds as quickly as possible. Pure Proceeds LLC is your catalyst to recovery!
Who is entitled to excess proceeds?
Several parties may have an interest in the excess proceeds/surplus funds. The priority for payment is set forth by Statutes that govern the release of funds in your state. For example, In Arizona, priority of payment is set by Arizona Revised Statutes §33-812. Generally, the Excess Proceeds/Surplus Funds go to junior voluntary lienholders and then to the homeowner whose home was foreclosed.
What if I need money right away?
Pure Proceeds LLC has the ability to advance some of your funds as your case goes through the recovery process, as long as your case qualifies. We offer a flat fee advance with no interest!