Here are some of the more frequently asked questions posed by our clients. If you don't find the answers you're looking for, please call us. 

What Are Excess Proceeds, Excess Funds, Foreclosure Funds, and Surplus Funds?

The best way to describe excess proceeds is to provide an example. Let us say a person owns a home going through foreclosure, and the person owes the Mortgage Company $80,000 on the loan. As part of the Foreclosure process, a Trustee representing the Mortgage holder or bank sells the home at an Auction known as a Trustee's Sale or Foreclosure Auction.


Let's say the house sells for $100,000. The Trustee pays the Mortgage Company or Bank the amount owed on the loan. In our example, the amount owed on the loan is $80,000. That leaves a balance of $20,000. The Trustee deducts from the $20,000, the legal fees and costs associated with selling the home at the Auction. This amount varies, but in our example we will say $2,000. This leaves $18,000 in Excess Proceeds. The Trustee deposits the Excess Proceeds with the Government and files a Civil Complaint with the local Court. A court action is required for this money to be recovered.

Why Wasn't I Notified of the Excess Proceeds or that I Might Be Entitled To Receive the Money?
The Trustee is required to provide you with a copy of the Complaint that details all of the information concerning the auction of the home; however, the Trustee sends this information to the address of the home that was foreclosed; most likely, long after you have move out of the home.
Can I Collect the Excess Proceeds Myself?

Yes, if you are familiar with drafting legal pleadings and representing yourself in court. Most people find these tasks daunting. Having successfully recovered Excess Proceeds for hundreds of happy clients, The Sterling Agency has gained expertise in the field of recovering Excess Proceeds. In addition, because we have a reputation for excellence with Superior Court Judges and Government Officials, our cases move smoothly through the Courts.

I Received Several Letters Regarding Excess Proceeds: How Do I Decide Which Company To Use?

Choosing the right company to recover your Excess Proceeds is critical. One way to determine if a company or person you're dealing with is unethical is if they ask you to pay money upfront before taking your case or fail to specify their legal fees in their contract. We will never ask you to pay any money to us upfront, and our contract specifies our fees. We only get paid when the case comes to a successful conclusion. 

How Much Does This Cost?

If for any reason we are unsuccessful in recovering your money for you, you don't owe us anything. Simply put, No Recovery, No Fee. And it doesn't cost you anything up front to retain our services. We pay all legal expenses, and we get reimbursed when you get your money.  Because every case is different, the cost varies from case to case. If you've received our contract, the fees for your particular case are detailed on the first page. If you have any questions about our fees, please call our office. 

How Long Until I Get My Money?

There are many factors that determine how long it takes to recover Excess Proceeds. The complexity of the claim, the number of junior lien holders, and how long ago the foreclosure sale took place can all affect the recovery time. Cases can be recovered in as little as 45 days and as long as six months. Please call our office to discuss the particular details of your case, and we can give you an estimate of time for recovery in your case.

Can A Junior Lien Holder or Judgment Creditor get the money?

It depends on the individual circumstances of each case. In many cases a Junior Lien Holder or Judgment Creditor doesn't make an appearance in the case in the time frame allowed, in which case the Court will award the money to you. In other circumstances, we can assert your homestead rights and prevent a Judgment Creditor from collecting the money and the court will award the money to you.

The Sterling Agency is an Arizona LLC

License No. 1003310