Post Foreclosure Assistance

The state receives a judgment for a foreclosure case on real property to be auctioned through a Foreclosure Sale.  The funds remaining after payment of all disbursements as indicated on the Final Judgment of Foreclosure are funds due to the real property's previous owner.

The funds left are called surplus funds. For example, let's assume there is a foreclosure judgment that was entered in the state for the amount of $250,000. At the county public auction, the real property sells for $295,000. This sale results in surplus funds amounting to $45,000.  This sale results in a surplus of funds amounting to $45,000, which remains with the state treasurer. 

Who is entitled to this post-foreclosure fund?

Florida Statutes Section 45.032 sets out who may be entitled to the post-foreclosure funds. The Original Property Owners (meaning the person who owned the real property at the start of the foreclosure lawsuit) and Subordinate Lienholders are entitled to surplus funds.

Therefore, the prior owner or borrower might be able to receive these funds, within certain time guidelines, even though they are no longer able to live in the home.