QUESTION
Bank/or third party holding funds, do I have to hire an attorney to get them?
Asked on Feb 20th, 2014 on Real Estate - Florida
More details to this question:
Bank of America foreclosed my home. Received letter from attorney that funds are being held "pertaining to" the home's address. Attorney wants 33% to recover unclaimed funds. When I called attorney, he said the funds went to a third party, and he has to go to court to recover funds. What? Why did the bank NOT contact me? How can I recover these funds without paying a lawyer 33%?
1 ANSWER
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Perhaps I’m misunderstanding the situation, but as I understand it the Bank won a foreclosure judgment against you and the home was sold at auction for more than what the judgment stated. Therefore, there is an outstanding balance that is owed to you, correct? If so, that should be held by the Clerk of the Court. If that’s the situation, it just takes a motion and a hearing in front of the judge to show that you are, indeed, entitled to those funds. Then, the Court orders the Clerk to release the funds to you. A check gets issued and that’s it. I see no reason for a 33% contingency fee on that, but, again, that’s if I understand the situation correctly.
Answered on Feb 21st, 2014 at 12:11 PM