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Tax Deed Sale Overages Funds Proceeds - PDF - PDF

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Tax Deed Sale Overages Funds Proceeds - PDF - PDF Powered By Docstoc
					                                        California

                  Q: Does California have tax sale surpluses & what is done with
                                           the surplus?



A: Yes‐ deposited into the "delinquent tax sale trust fund." 4675. (a) Any party of interest in the
property may file with the county a claim for the excess proceeds, in proportion to his or her interest
held with others of equal priority in the property at the time of sale, at any time prior to the expiration
of one year following the recordation of the tax collector's deed to the purchaser.
   (b) After the property has been sold, a party of interest in the property at the time of the sale may
assign his or her right to claim the excess proceeds only by a dated, written instrument that explicitly
states that the right to claim the excess proceeds is being assigned, and only after each party to the
proposed assignment has disclosed to each other party to the proposed assignment all facts of which he
or she is aware relating to the value of the right that is being assigned. Any attempted assignment that
does not comply with these requirements shall have no effect. This paragraph shall apply only with
respect to assignments on or after the effective date of this paragraph.
(c) 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.
   (d) The claims shall contain any information and proof deemed necessary by the board of supervisors
to establish the claimant's rights to all or any portion of the excess proceeds.
   (e) No sooner than one year following the recordation of the tax collector's deed to the purchaser, and
if the excess proceeds have been claimed by any party of interest as provided herein, the excess
proceeds shall be distributed on order of the board of supervisors to the parties of interest who have
claimed the excess proceeds in the order of priority set forth in subdivisions (a) and (b). For the
purposes of this article, parties of interest and their order of priority are:
   (1) First, lienholders of record prior to the recordation of the tax deed to the purchaser in the order of
their priority.
   (2) Second, any person with title of record to all or any portion of the property prior to the recordation
of the tax deed to the purchaser.
                 Q: Does California have mortgage foreclosure surpluses & what
                                     is done with the surplus?


A: Yes. 2924k. (a) The trustee, or the clerk of the court upon order to theclerk pursuant to subdivision
(d) of Section 2924j, shall distribute the proceeds, or a portion of the proceeds, as the case may be, of
the trustee's sale conducted pursuant to Section 2924h in the following order of priority:
  (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.




                  Q: How long can I collect mortgage overages before finder’s fee
                                            limits apply?


A: 3 years. §1519.5. Unclaimed Sums Ordered Refunded by Court or Public Agency
Subject to Section 1510, any sums held by a business association that have been ordered to be
refunded by a court or an administrative agency including, but not limited to, the Public Utilities
Commission, which have remained unclaimed by the owner for more than one year after
becoming payable in accordance with the final determination or order providing for the refund,
whether or not the final determination or order requires any person entitled to a refund to
make a claim for it, escheats to this state. It is the intent of the Legislature that the provisions of
this section shall apply retroactively to all funds held by business associations on or after
January 1, 1977, and which remain undistributed by the business association as of the effective
date of this act. Further, it is the intent of the Legislature that nothing in this section shall be
construed to change the authority of a court or administrative agency to order equitable
remedies.
               Q: Which office should I contact for tax foreclosure overages?


A: Tax Collector




                   Q: Which office should I contact for mortgage foreclosure
                                           overages?


A: Clerk

				
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