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Re: question about excess funds at auction sale

Posted by Jim V on February 17, 2007 at 11:59:08:

In Reply to: question about excess funds at auction sale posted by laraquinto on February 17, 2007 at 08:16:14:

laraquinto,

Excess proceeds don't flow to senior positions. So:
The first remains as it was, needing to be paid.
The second is paid from the bid amount.
Surplus from the bid goes to any lienholders junior to the second, if there are none, then the surplus goes to the previous homeowner.

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