Title surplus funds or “Surplus funds” or “surplus” typically refer to funds remaining after payment of all disbursements required by the final judgment of foreclosure and shown on the certificate of disbursements.
Recently, our law firm was asked to resolve a problem that happens more often the one might think. We were approached by a client who learned that after her uncle passes away, a foreclosure action resulted in court-held title surplus funds.
It is often the case that the probate process is geared towards estates over $150,000; but, this is not exclusive. In this instance, the surplus amounts were considerably less. However, we were able to craft a motion based on a combination of the Surplus Funds Statute (civil Code 2924) and the Successor in Interest Statutes (C.C.P.377.32).
Had we not crafted this Petition with the correct supporting Declarations, the Court would have dismissed the case and the property would have eventually escheated (handed over to the State) and the rightful heirs would have never received their property. The process during probate proceedings is incredibly important and can make all the difference in how assets are distributed.
If you are confronted by the complex problem of title surplus and the probate process in general and you need assistance, then please contact us. We are experienced in these matters and will be very happy to help you here at Beyer, Pongratz and Rosen.
~ Attorney David Brown
If you have additional questions about the probate process, then please contact David Brown, Esq at the office of Beyer, Pongratz and Rosen, by phone at 916-369-9750 or online For a Free Consultation.