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 “should” go to the homeowner because it’s legally theirs. It’s interesting that most homeowners have no idea that they are entitled to any excess funds from the sale of their home through foreclosure. There are literally millions of dollars that go unclaimed each year and the county does not take the initiative to notify the homeowner of those overages. There are lots of companies, specifically attorneys, who understand this process extremely well and assist homeowners in getting these monies back… for a certain fee of course. What you have to be careful about are those companies who prey on people who have no idea what’s going on and use that to their advantage.
So you basically have two options. Go get the money yourself, it’s yours, you’re entitled to it. Or pay someone to get your money for you that way you don’t have to worry about it and you can let a professional do it. Just make sure you know what amount you are entitled to, that way you know how much the company or individual is charging you for their expertise.
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??
Did you ever get this resolved? If not sent me an email. I can help you