Re: 2nd TD - Surplus distribution in CA
Posted by Darryl-CA on November 20, 2003 at 14:42:45:In Reply to: 2nd TD - Surplus distribution in CA posted by Lindsey on November 20, 2003 at 12:46:44:
Hello Lindsey. The surplus funds are paid to any liens junior to the 2nd and then to the last owner of record. : When a 2nd TD is foreclosing on a property, is andny surplus over the 2nd TD amount applied to the 1st? For example, take a house with a 1st TD for 100,000 and a 2nd for $50,000. The 2nd TD forecloses and at the auction the winning bid is $75,000. Does the surplus $25,000 go to the 1st TD holder? (I am assuming no interest or penalties in my example.)
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Comments:: Hello Lindsey. The surplus funds are paid to any liens junior to the 2nd and then to the last owner of record. : When a 2nd TD is foreclosing on a property, is andny surplus over the 2nd TD amount applied to the 1st? For example, take a house with a 1st TD for 100,000 and a 2nd for $50,000. The 2nd TD forecloses and at the auction the winning bid is $75,000. Does the surplus $25,000 go to the 1st TD holder? (I am assuming no interest or penalties in my example.)Optional Link URL : Link Title :
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