A Step-by-Step Guide to Collecting Surplus Money in Foreclosure Actions Under RPAPL §1361 in New York
By Brian Figeroux, Esq. In New York, when a foreclosed property is sold for more than the outstanding mortgage debt and associated costs, the excess funds are known as surplus monies. These funds are deposited with the court and can be claimed by individuals or entities with a legitimate interest, such as junior lienholders or […]