🔍 Surplus Dictionary: Key Terms Ex-Homeowners Should Know

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Homeowner – A person who currently holds legal ownership of a residential property.

Ex-Homeowner – A person who previously owned a property but lost it due to foreclosure or other legal means. This is typically the individual entitled to any surplus funds left after the foreclosure sale.

Claimant – You — the former homeowner entitled to the surplus funds.

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Foreclosure – The legal process by which a lender takes control of a property after the borrower fails to make mortgage payments.

Surplus Funds – The remaining money after a foreclosed property is sold and all debts, liens, and fees are paid. These funds may be rightfully owed to the ex-homeowner.

Surplus Recovery – The process of identifying, claiming, and retrieving surplus funds on behalf of an ex-homeowner after a foreclosure.

Recovery Consultant – A person or business (like Ex-Homeowners Surpluses) who specializes in helping people legally claim surplus funds after foreclosure.

Consultant / Recovery Specialist – A professional (like me 💼) who helps ex-homeowners navigate the legal process to reclaim surplus funds.

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Contingency Fee – A fee that is only charged if we successfully recover funds for you. If you don’t get paid, I don’t get paid.

Contingency Fee – A fee that is only paid if the consultant successfully helps the client recover funds. (My fee is 20%, only if you get paid.)

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Escrow Account – A secure, third-party account used to hold and disburse funds during legal or financial transactions to ensure transparency and trust.

Escrow Account – A secure, third-party account that holds your funds until they’re officially distributed.

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Assignment of Interest – A legal document giving permission to someone else (like me) to act on your behalf to recover your surplus.

Power of Attorney (POA) – Legal authorization allowing someone (like me) to communicate or act on your behalf for the purpose of processing your claim.

Trustee / County Treasurer – The entity responsible for holding and distributing surplus funds after a foreclosure.