If you are being faced with a foreclosure, you may be entitled to additional funds upon the sale of the property. Wellen & Title is here to guide you through the entire foreclosure process, and provide much-needed assistance along the way.

 

This may include negotiating on your behalf to give you more time in the property, reducing liens or even helping you to find replacement housing accommodations. These services are provided at no up-front cost to you and we only work on a contingency basis. That means we are only paid upon the successful completion of a surplus recovery or estate.

​

Phase 1: Pre-foreclosure

1. A borrower must first miss a payment. (Mortgage, HOA, Property Taxes, Etc.).

2. ​The Lender will make attempts to contact the borrow and collect any missed payments. 

3. After a missed payment is delinquent for 90 days, the lender sends formal notice to the borrower that they are going to initiate a foreclosure sale. ​​​​​
    

Phase 2: Judicial Foreclosure

1. To initiate a foreclosure sale, the lender files a lawsuit in court against the property owner. This is called a complaint.

2. The property owner will receive a copy of the complaint ​and is given about 30 days to answer with the county court.

3. If the property owner does not respond within the 30 day period, the court will issue a judgement against them. The judgement authorizes the sale of the property and how much $ is owed.​​​​
   ​

Phase 3: Judicial Foreclosure

1. A notice of sale is published in the local newspapers and county online auction website. This similar to EBAY for properties. 

2. The court will hold the auction on a specific day and time. Selling the property to the highest bidder.​

3. If the property sells for more $ than what was owed to the lender, a surplus is created by the court. ​
    

Phase 4: Surplus Recovery

1. Once your property or a loved ones property sells at the foreclosure sale, our research department identifies what the property sold for and the exact surplus $ amount being held by the court. 

2. Using government databases, skip trace tools, public records and land records, we locate the rightful property owner and inform them about any and all surplus $ due back to them.

3. If you decide that you would like to move forward after our free consultation, we can email you the electronic agreement form needed to to start the process that day.

4. Our attorneys will file all necessary motions and paperwork associated with your case. So all that is required of you is your patience.

5. Once all documents have been submitted to the county court, a hearing is set in front of a local judge. This is something that the attorney attends for you. The judge reviews all documentation submitted and grants our order for disbursement of funds.

6. Our signed order is given to the clerk at the courthouse who disburses a check for the surplus amount. Once your check arrives at the attorneys office, we will notify you that it is ready to be sent out. You can then decide if you would it sent to you by ACH/Wire transfer or we can overnight a paper check to your new address.​​​

​

Funds can be disbursed in as little as 60-120 days after an auction!!!