What is Surplus recovery?

What is Surplus recovery?

Surplus recovery is the process of recovering money that is left over after a foreclosure sale. This money is called “surplus funds” or “excess equity.” It occurs when the sale price of a foreclosed property is more than the amount owed on the mortgage.

For example, if a home is worth $100,000 and the mortgage balance is $80,000, the surplus funds would be $20,000. The homeowner is entitled to this money, but they may not be aware of it or know how to claim it.

There are a few ways to recover surplus funds. One way is to contact the lender who held the mortgage on the foreclosed property. The lender may be willing to send you a check for the surplus funds.

Another way to recover surplus funds is to file a claim with the court. The court will then determine if you are entitled to the money and, if so, will order the lender to pay you.

There are also a number of companies that specialize in surplus funds recovery. These companies can help you file a claim with the court and collect the money that you are owed.

how to become a surplus recovery person:

  1. Learn about surplus recovery. This includes understanding the legal aspects of surplus recovery, as well as the process of filing claims and collecting funds. You can learn about surplus recovery by reading books, articles, and websites on the topic. You can also attend seminars and workshops on surplus recovery.
  2. Get certified. There are a number of organizations that offer surplus recovery certification. These certifications can help you demonstrate your knowledge and skills to potential employers.
  3. Gain experience. The best way to gain experience in surplus recovery is to work for a company that specializes in surplus recovery. This will give you the opportunity to learn from experienced professionals and to see how surplus recovery is done in the real world.
  4. Build your network. Networking with other surplus recovery professionals is a great way to learn about new opportunities and to stay up-to-date on the latest trends in the field. You can network with other surplus recovery professionals by attending industry events, joining online forums, and connecting with people on LinkedIn.

Here are some additional tips for becoming a surplus recovery person:

  • Be organized and detail-oriented. Surplus recovery can be a complex process, so it is important to be able to keep track of paperwork and to follow through on deadlines.
  • Be familiar with real estate law. Surplus recovery is closely related to real estate law, so it is important to have a basic understanding of this area of law.
  • Be able to communicate effectively. Surplus recovery professionals often need to communicate with homeowners, lenders, and lawyers. It is important to be able to communicate clearly and concisely.
  • Be persistent. Surplus recovery can be a long and challenging process. It is important to be persistent and to never give up.

where you can get basic learning of real estate law

  • Online courses: There are a number of online courses that offer basic instruction in real estate law. These courses can be a great way to learn the basics of real estate law at your own pace.
  • Books: There are many books that provide basic information about real estate law. These books can be a good way to learn the basics of real estate law in a more traditional format.
  • Real estate courses: Some community colleges and universities offer real estate courses that include a section on real estate law. These courses can be a great way to learn the basics of real estate law in a classroom setting.
  • Real estate professionals: Real estate professionals, such as real estate agents and lawyers, can be a great resource for learning about real estate law. They can provide you with information about the specific laws that apply to your state or region.

Here are some specific resources that you may find helpful:

  • The American Bar Association (ABA) offers a number of resources on real estate law, including a free online course and a series of articles.
  • The National Association of Realtors (NAR) also offers a number of resources on real estate law, including a free online course and a booklet on real estate contracts.
  • The state bar association in your state may also offer resources on real estate law.

The amount of money you can make on a surplus recovery deal

The amount of money you can make on a surplus recovery deal depends on a number of factors, including the size of the surplus funds, the fees charged by the surplus recovery company, and the amount of time and effort you put into the deal.

In general, surplus recovery companies typically charge a fee of 20-30% of the surplus funds. This means that if you recover $10,000 in surplus funds, you would keep $7,000-8,000 after the surplus recovery company takes its cut.

The amount of time and effort you put into the deal can also affect your profit. If you do all of the work yourself, you will keep more of the surplus funds. However, if you hire a surplus recovery company to do the work for you, you will have to pay their fees.

Overall, the amount of money you can make on a surplus recovery deal can vary widely. However, if you are willing to put in the time and effort, you can potentially make a significant amount of money.

Here are some additional tips for maximizing your profit on a surplus recovery deal:

  • Do your research. Before you start a surplus recovery deal, it is important to do your research and understand the legal aspects of surplus recovery. This will help you avoid any potential problems.
  • Find a reputable surplus recovery company. There are a number of surplus recovery companies out there. It is important to find a reputable company that has a good track record.
  • Negotiate the fees. Most surplus recovery companies charge a fee of 20-30% of the surplus funds. However, you may be able to negotiate a lower fee if you are willing to do some of the work yourself.
  • Be patient. Surplus recovery can be a long and challenging process. It is important to be patient and to never give up.

If you follow these tips, you can increase your chances of making a significant amount of money on a surplus recovery deal.

Leave a Reply

Your email address will not be published. Required fields are marked *