All Foreclosure Logo
All Foreclosure Home Page Foreclosure Discussion Board

Re: excess funds at auction sale to previous homeowner

Posted by Jim V on August 17, 2007 at 12:07:11:

In Reply to: Re: excess funds at auction sale to previous homeowner posted by John on August 17, 2007 at 06:37:19:

John,

If it's a trustee, yes, he needs to contact them and ask about excess funds. Excess funds only exist if the winning bid amount was greater than the amount owed the lender, plus costs of foreclosure. If there were junior liens, those would be paid before any funds could go to the previous owner.

It's not uncommon for a trustee to not be able to find the previous owner. People will often mentally walk away from the property knowing it's being foreclosed, and they won't leave forwarding information probably trying to make a new start.

Follow Ups:


Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments:









    
        

       









honaunau sunset