Arizona is well-known for its retirement community. Snowbirds migrate from colder states to buy property in The Valley of the Sun to either live out their retirement or vacation in the colder months away from their frigid home states. Many may even purchase Arizona real estate as an investment.
Regardless of the reason for the property purchase, the unfortunate reality of foreclosure can still happen. Whether you are the owner or an heir, you may be entitled to recover excess proceeds from the sale of the property.
1. What are excess proceeds? If a home or investment property you own or inherited from a deceased loved one is foreclosed upon, it will be sold at an auction. After the debt is paid, the remaining funds from the auction sale are the "excess proceeds," which is deposited and held by the county treasurer.
2. Am I entitled to funds? Many factors determine who may have an interest in the proceeds, including if you have inherited the funds from a loved one who is now deceased. Arizona statutes govern who is eligible.
3. How do I know if I have an interest? If you search the excess proceeds list, published online by the Maricopa County Treasurer, you will find the names of the trustor, deposit date, case number and the current balance.
4. Do I need help from an attorney? While you are not required to hire an attorney, the Arizona statutes are quite strict and can be complicated if you have not regularly been through the process and not familiar with the court.
5. Are there any time limits to make a claim? You have limited time in which you can file a claim to recover excess proceeds. If you wait too long, you may not receive payment of the funds.
When you don't live in Arizona
Perhaps you live in the Midwest but have a deceased parent who owned property in Scottsdale. While you can accomplish the recovery of excess proceeds on your own, you may want to consult with a local attorney merely because you are out-of-state. A local attorney can handle all the details on your behalf.