$13+ Million in Surplus Foreclosed Property Funds yet to Be Claimed
The Erie County Comptroller’s Office is currently holding millions of dollars in surplus funds from the sale of more than 1,300 foreclosed homes going back to 2009. As of last month, only 11% of the nearly $13 million left over from the auction of these properties has been claimed. With so much money sitting in Government accounts, many have asked why so few potential recipients seem to be aware of the fund’s existence.
While state-level notification requirements exist, they have proven to be largely ineffective. One reason is that current regulations permit notifications to be sent to a person’s last known address, which in many cases, is the foreclosed home itself. In fact, the information didn’t begin to really spread until the astounding dollar amount was discovered and reported on by local news organizations. The response to the story has been seemingly immediate. New legislation is already in the works which would bolster the government’s efforts to locate and educate potential recipients to the existence of surplus funds. The Comptroller’s Office has even set up a website to handle the influx of inquiries they are receiving.
Collecting this surplus auction money can be more difficult than with other unclaimed funds. Homes that are foreclosed on are often at the center of complex financial situations involving debts, liens, and creditors. The proper distribution of these funds is not always immediately clear and in the end, a County Court Judge has the final say. Funds must be claimed directly from the Comptroller’s office and only through a certified court order. If not claimed within three years, the remaining money is transferred to the main state fund in Albany and marked as abandoned.
If you believe that you may be one of the parties deserving access to these funds, do not hesitate to contact Dwan Counter, Attorneys At Law. We have an in-depth understanding of the laws and regulations surrounding the recovery of surplus foreclosed property funds. Our Erie County tax foreclosure attorneys can help you to determine eligibility and walk you through each step of the process so that you can get the money you deserve.
If you have questions about your case, call (716) 325-0320 or contact our firm online and draw from more than 50 years of collective experience.