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Scioto Asset Management, LLc.
Giving Foreclosure A Sliver Lining
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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