Tags: foreclosure auction
When a property is auctioned off by a lender and the lender receives more than what is owed on the note, what happens to those funds?
September 8th, 2009 by Jarad S.
Question: If your home foreclosed and you tried the short sale and it did not sell,then you give it back to the bank. when the bank sells it for more than you owed what happens to that part that is over the amount you owed?
Answer: – After the foreclosure auction, those funds go to pay off any junior lien holders. If there are no junior lien holders those funds go to the homeowner.
February 1st, 2010 at 5:56 pm
Who gives the fund to the home owner. We where forced to move do to foreclosure but the home was sold for more than we owed on the note. The company that held our note was shut down by the government. So who holds the money owed us and how do we get it? Does the sherrifs office hold it or what??