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Mortgage foreclosure overages

Have you ever wondered what happens to leftover money after a foreclosure on a mortgage in Georgia? Well, you are not alone. Many homeowners who have gone through the unfortunate experience of foreclosure are often unaware that there might be some funds left over from the sale of their property. These leftover funds, known as mortgage foreclosure overages, can provide some relief during a difficult time. In this article, we will shed some light on mortgage foreclosure overages in Georgia and explain how you can potentially claim this money.

Understanding Mortgage Foreclosure Overage

When a house is sold at a foreclosure auction, the winning bid may sometimes exceed the amount owed on the mortgage. This surplus of funds after the sale is referred to as a mortgage foreclosure overage. In Georgia, the law requires that these funds be held for the homeowner if they can be located within five years of the sale.

Locating the Overage

One of the primary challenges homeowners face is locating the mortgage foreclosure overages. Usually, the foreclosure auction is organized by the county sheriff’s office or a private auction company. After the sale, the funds are held by the court or the county. To begin your search, you will need to familiarize yourself with the public records of the county where the foreclosure took place. These records will provide you with the necessary information to track down the overage. It is also advisable to consult with a professional who specializes in this area to guide you through the process.

Claiming the Funds

Once you have located the mortgage foreclosure overage, you will need to file a claim to receive the funds. In Georgia, the process involves submitting a petition to the court that oversaw the foreclosure sale. The court will then review your claim and, if approved, issue an order for the release of the funds. It is important to note that there may be certain legal requirements and deadlines to adhere to when filing your claim.

Hiring an Attorney

Navigating the legal process of claiming mortgage foreclosure overages can be complex, especially if you are unfamiliar with the laws and procedures involved. Hiring an attorney experienced in this field can significantly increase your chances of successfully recovering the overage funds. An attorney can assist you in gathering the necessary documentation, filing the claim, and representing your interests in court if needed. While it may require an upfront investment, the potential financial benefit outweighs the cost.

Potential Challenges

Recovering mortgage foreclosure overages in Georgia may not always be a straightforward process. There are several factors that can complicate the claim, such as outstanding liens on the property, competing claims by other parties, or errors in the foreclosure process. Additionally, if you fail to locate and claim the overage within five years of the sale, the funds may be forfeited to the state.


If you have experienced a foreclosure on your mortgage in Georgia, it is essential to be aware of the potential existence of mortgage foreclosure overages. These leftover funds can provide some financial relief during a challenging time and should not be overlooked. By familiarizing yourself with the process, locating the overage, and seeking professional assistance if necessary, you can increase your chances of successfully recovering these funds. Remember, patience and persistence are key in navigating this complex process, but the potential reward can be worth it.

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