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Intro to Excess Funds

Scioto Asset Management, llc. provides recovery services to people all over the USA that have experienced a property foreclosure resulting in an Overage. 

There are several thousand counties in the USA.  All have a process for foreclosing on real property when the mortgage or property taxes become delinquent.  There are many terms for excess funds, such as Surplus Funds, Overages, etc.  Overage is when a property is sold at an auction for more than what is owed to ether the lender or county.  There are two types of overages to consider.
 
Mortgage overages - are created when a bank initiates a foreclosure and hires a trustee or in judicial states, a sheriff to conduct a foreclosure sale. This typically will be an auction of the property to the public.  If a third party purchases the property for more than what is owed the bank then an overage is created, e.g. the amount owed the bank is $200,000, and the bid is $275,000.  This results in a $75K Overage.

Tax Sale Overage - When the county offers up the property at auction to recover unpaid property taxes, e.g. the amount of the tax debt is $16,000 and the county auctions a tax deed for a $156,000 bid.  This creates a surplus of $140K.  Tax sale overages can be extremely large.

Please note: Overages are only created if a third party bidder gets the sale.
Overage recovery from tax deed sales are more likely to be successful than from mortgage foreclosures.

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