Find answers to common questions about surplus funds recovery and how Ironcrest Asset Recovery works.
Foreclosure surplus funds (also called "excess proceeds") are money remaining from a foreclosure sale after paying off the mortgage, fees, and costs. When a property sells at auction for more than the outstanding loan balance, the excess legally belongs to the former homeowner or their heirs. These funds can range from thousands to hundreds of thousands of dollars.
The only way to know for certain is to research the specific foreclosure sale. We'll conduct a thorough investigation of your property's foreclosure history at no cost to determine if surplus funds exist. This includes reviewing court records, auction details, and any funds that may have been turned over to the state.
The deadline varies by state—some states allow 1-3 years, while others may allow longer periods. In many cases, funds that aren't claimed within the initial period are turned over to the state's unclaimed property office, where they can be claimed indefinitely. However, it's best to act as soon as possible to avoid missing any deadlines.
Yes. Heirs, beneficiaries, and estate representatives can file claims for surplus funds on behalf of deceased homeowners. This process requires additional documentation, such as death certificates and proof of inheritance, but we've handled many such cases successfully.
In many cases, yes. Even if your foreclosure happened years ago, you may still be able to claim surplus funds—especially if they were turned over to the state. The specific timeframe depends on state law and when the funds were escheated. Contact us to check if you still have a valid claim.
We work on a contingency fee basis, meaning we only get paid if we successfully recover your funds. Our fee is a percentage of the surplus we recover—typically 20-30%, depending on case complexity. If we don't recover funds, you owe us nothing. There are no upfront costs or out-of-pocket expenses.
Typically, clients receive 70-80% of the recovered surplus funds, with Ironcrest retaining 20-30% as our contingency fee. The exact percentage depends on factors such as case complexity, state requirements, and whether there are competing claims. We'll provide a clear fee agreement before starting any work.
No. We believe in complete transparency. All fees are outlined in our engagement agreement before we begin any work. You won't encounter unexpected charges. Our only compensation comes from the percentage we agree upon when we successfully recover your funds.
Our process involves four main steps:
The timeline varies depending on the complexity of the case and court schedules in your state. Most cases are resolved within 2-6 months. Simple, straightforward claims may resolve faster, while cases with competing claims or court delays can take longer. We'll keep you updated throughout the process.
To get started, we primarily need the address of the property that went through foreclosure. Additional helpful information includes the approximate date of foreclosure, the homeowner's name, and any documentation you have (though not required). We'll handle most of the research ourselves.
Typically, no. We handle all court appearances and legal proceedings on your behalf. Most surplus fund claims are resolved through written filings and don't require your physical presence. If your specific situation requires your involvement, we'll explain this clearly from the start.
We're here to help. Reach out to discuss your specific situation—no obligation, and you won't be pressured to proceed.