That money belongs to the former owner. It's called surplus equity.
Most never claim it. They've moved. They don't know it exists. The process is fragmented and confusing. The result: billions of dollars sitting in county courthouses and trustee accounts. Waiting.
An After Foreclosure Asset (AFA) is the legal right to recover that capital.
In May 2023, the U.S. Supreme Court ruled unanimously in Tyler v. Hennepin County:
"The government's retention of surplus value beyond what it is owed constitutes a taking under the Fifth Amendment.
"The ruling triggered a wave of state-level reforms. What was legally ambiguous is now constitutionally clear.
Surplus equity belongs to the owner. Full stop.
Homeowners with equity in foreclosure
81%
CFPB, 2023
Foreclosure filings (Nov 2025)
35,651
ATTOM Data
Year-over-year increase
+21%
ATTOM Data
Consecutive months of growth
9
ATTOM Data
Foreclosure no longer implies negative equity.
It increasingly implies surplus equity.
Institutional allocators are searching for uncorrelated, yield-generating alternatives. The AFA market today resembles:
Once dismissed as unscalable. Now a multi-billion dollar institutional industry.
Once dismissed as operationally intensive.
Now a core pension fund allocation.
We carved out a niche inside a multi-trillion dollar industry. Like Tesla did with EVs inside automotive.
AFA is the next evolution.
Estimated National Stock
Annual New Surplus Equity Creation
Addressable Annual TAM
Average Surplus Equity Per Property
Estimates based on extrapolation from high-transparency jurisdictions (FL, AZ, MI). Independent verification recommended.
You're not buying property. You're acquiring a claim on cash already held in custody
No hope this works. No subscription agreements. You select individual tranches. You commit via P&S agreement.
AFA risk is procedural: lien complexity, owner identification, court processing. Claim outcomes have minimal correlation to equities or housing prices.
Current "surplus hunters" charge fees reported as high as 50-75%. We operate with transparent, capped structures and institutional-grade infrastructure.
Collateral
Surplus proceeds held in government custody
Risk Type
Procedural / Duration / Regulatory
Duration
90-180 days (standard)
Correlation
Driven by legal/operational variables, not markets
This market won't stay inefficient. As institutional infrastructure scales, the current advantage compresses. Early winners are already inside.
Milan CM
620 Newport Center Dr.
Newport Beach, CA 92660