You get whatever's left over after all lienors are paid.

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Posted by Ward-CA- on February 20, 2003 at 11:58:16:

In Reply to: More money from auction then owed posted by Larry In Michigan on February 19, 2003 at 09:08:13:

: Found out that my home actually sold for 20K more then was owed/listed on the forclosure notice. I would assume that if there is owed more, they would deduct it and send me the rest, is this accurate. Is the amount listed on the notice all inclusive of the fees owed, or are legal and other misc fees added in afterwards. Redemption period soon ending and not sure what to do at this point
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Larry,

The 20K overbid is distributed to all lienors junior to the foreclosing lien, in a successive, downward progression. It’s paid out on a protanto basis, meaning that each junior lien is completely paid off before any surplus goes down to the next junior, etc.

Whether or not you’re entitled to any of the $20K overbid is dependent on how many unpaid liens were sandwiched between you and the foreclosing lien. If the total of them were less than the $20K you’d be entitled to the remaining surplus.

Hope this helps.

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Comments:
: : Found out that my home actually sold for 20K more then was owed/listed on the forclosure notice. I would assume that if there is owed more, they would deduct it and send me the rest, is this accurate. Is the amount listed on the notice all inclusive of the fees owed, or are legal and other misc fees added in afterwards. Redemption period soon ending and not sure what to do at this point
: =•=•=•=•=•=•=•=•=•=•=

: Larry,

: The 20K overbid is distributed to all lienors junior to the foreclosing lien, in a successive, downward progression. It’s paid out on a protanto basis, meaning that each junior lien is completely paid off before any surplus goes down to the next junior, etc.

: Whether or not you’re entitled to any of the $20K overbid is dependent on how many unpaid liens were sandwiched between you and the foreclosing lien. If the total of them were less than the $20K you’d be entitled to the remaining surplus.

: 
: Hope this helps.


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