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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 37076
Experience:  Texas Attorney for 30 years dealing in real estate
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I need help filling out a surplus proceeds claim form,

Customer Question

I need help filling out a surplus proceeds claim form
JA: Where is the property located?
Customer: Vacaville, CA
JA: Has any paperwork been filed?
Customer: I have not filled the paperwork yet because I'm a little confused by it.
JA: Anything else you want the lawyer to know before I connect you?
Customer: No
Submitted: 14 days ago.
Category: Real Estate Law
Expert:  Ray replied 14 days ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

Expert:  Ray replied 14 days ago.

Is this from a foreclosure sale here?

Expert:  Ray replied 14 days ago.

n California, following a non-judicial foreclosure sale of real property, if there are surplus funds after the amount owed on the note secured by the deed of trust is paid, the foreclosing trustee should petition the court to request that it be permitted to deposit the funds with the clerk of the court pursuant to California Civil Code sections 2924j so that the Court can make a determination regarding the disposition of the funds.

Once the Court grants the petition and orders that the funds be deposited with the court, the petitioner will be discharged from further responsibility for the disbursement of the sale proceeds. The Court will then set a hearing for the distribution of the proceeds.

California Civil Code section 2924j specifies the procedure under which a trustee who is unable to determine the priority of claims to surplus in a trustee’s sale may deposit those proceeds with the court and permit the court to make the determination. Under Civil Code section 2924j:

Within 90 days after deposit with the clerk, the court shall consider all claims filed at least 15 days before the date on which the hearing is scheduled by the court, the clerk shall serve written notice of the hearing by first-class mail on all claimants identified in the trustees’ declaration at the addresses specified therein. The court shall distribute the deposited funds to any and all claimants entitled thereto.

Civil Code section 2924k specifies the following order of priority for distribution of the proceeds:

1) To the costs and expenses of exercising the power of sale and of sale, including the payment of the trustee's fees and attorney's fees permitted pursuant to subdivision (b) of Section 2924d and subdivision (b) of this section.

2) To the payment of the obligations secured by the deed of trust or mortgage which is the subject of the trustee's sale.

3) To satisfy the outstanding balance of obligations secured by any junior liens or encumbrances in the order of their priority.

4) To the trustor or the trustor's successor in interest. In the event the property is sold or transferred to another, to the vested owner of record at the time of the trustee's sale.

Expert:  Ray replied 14 days ago.

Form here, let me know what questions you have..

http://www.solanocounty.com/civicax/filebank/blobdload.aspx?blobid=25611

Expert:  Ray replied 14 days ago.

ou must attach copies of documents to support your claim as follows

:

1.

In case (a), attach a copy of your Trust Deed or other evidence of lien or security

interest, along with a statement under penalty of perjury setting forth the

original amount

of the lien or interest, the total amount of payments received reducing the original

amount of the lien or interest, and the amount still due and payable as of the date of the

sale of the tax

-defaulted property by the tax collector.

2.

In c

ase (b), attach copies of any other documents (e.g., deed, death certificate, will, court

order, etc.) supporting your claim.

3.

Any person or entity who in any way acts on behalf of, or in place of, any party of

interest with respect to filing a claim for

any excess proceeds shall submit proof with the

claim that the amount of excess proceeds has been disclosed to the party of interest and

that the party of interest has been advised of his or her right to file a claim for the excess

proceeds on his or her own behalf (§4675)

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