foreclosure sale

[carolynmae1952]

What is the name of your state?Florida

I need to know if a house is sold after foreclosure and is sold for more than what is owed on the mortgage - who get the remaining monies.

Thank you

 

[amortgageman]

The lender.

 

[HomeGuru]

The lender.

**A: and is the lender entitled to that money? Please explain further to help the writer in cases on equity over and above the foreclosure amounts.

 

[amortgageman]

Then the secondary and thirdendary and fouthandary, and fifthandary and as many more parties that have liens placed against the home. They will all receive any overages from the proceeds of the foreclosure. And don't forget the attorney's fees and other add ons for processing the foreclosure.

After that, you will still have rights to any proceeds leftover provided you file the proper paperwork with the lender. I do not think the lender is going to send you any letter staing, "By the way we finally sold your home at foreclosure, and were amazed at the amount of equity leftover. Please find the enclosed check for the amount of $xx,xxx."

 

[HomeGuru]

Ok, does that answer your question writer?

 

[herkxena]

Then the secondary and thirdendary and fouthandary, and fifthandary and as many more parties that have liens placed against the home. They will all receive any overages from the proceeds of the foreclosure. And don't forget the attorney's fees and other add ons for processing the foreclosure.

After that, you will still have rights to any proceeds leftover provided you file the proper paperwork with the lender. I do not think the lender is going to send you any letter staing, "By the way we finally sold your home at foreclosure, and were amazed at the amount of equity leftover. Please find the enclosed check for the amount of $xx,xxx."

This answer is technically not correct. If the property was sold at the Sheriff's sale for more than the 1st mortgage holder was due then this answer is correct.

However, if the property was sold by the lender after the 10 day after-sale redemption period and a Certificate of Sale was issued to the lender, the lender can sell the property for whatever the market price will bear and be able to keep any profit.

Once the Certificate of Sale is filed, alll liens filed after the 1st mortgage and prior to the Certificate of Sale being filed are null and void.

Please contact a Real Estate attorney to veriy this informatuon.