Unclaimed and Surplus Funds

By Juan Fernandez-Barquin - September 16, 2024

You may not realize it, but you could have unclaimed funds from a foreclosure, tax deed sale, or other legal proceedings held in Miami-Dade County. These surplus funds are often left over after the resolution of a case and can be claimed by the rightful owner or other interested parties.

With recent changes in statewide policies regarding the remittance of unclaimed funds to the Florida Department of Financial Services, my office has taken a proactive approach. We have spearheaded an initiative aimed at identifying and returning surplus funds to their rightful owners or interested parties. This ensures that money owed to individuals is properly returned, rather than being left unclaimed.

But what exactly are surplus funds? These funds are typically the extra money that remains after certain legal proceedings are settled. For instance, in the case of a foreclosure sale, the proceeds from the sale are used to pay off the mortgage and any associated fees. If there is money left over after these obligations are satisfied, it is considered surplus funds. Similarly, funds from tax deed sales and other legal transactions are deposited into the Court Registry, and any remaining amounts after debts are settled may be claimed.

As part of our initiative, my office has filed or will be filing actions with the court to determine who is entitled to these surplus funds. We believe it is important to take an active role in ensuring these funds are returned to their rightful owners. To date, we have initiated actions in four-hundred thirty-nine (439) Foreclosure cases amounting to $4,008,069.16 in surplus funds.

In cases where the rightful owner cannot be located, these funds are transferred to the Florida Department of Financial Services Unclaimed Property Division in the name of the owner or interested party. This ensures that even if the individual cannot be found immediately, the funds are still available for claim.

If you believe you are owed surplus funds, my office is here to assist. You can visit our website for more information and resources under “Homeowners Rights to Surplus Foreclosure Sale Proceeds” at Mortgage Foreclosures (https://www.miamidadeclerk.gov/clerk/mortgage-foreclosures.page).

Additionally, you can check with the Florida Department of Financial Services to see if any unclaimed funds from my office are being held in your name or business by visiting Florida’s Unclaimed Property (fltreasurehunt.gov).