Posted by BTI on June 12, 2006 at 10:40:23:
Shad
Your leaving something out, the lender could not secure your portion of the property without you signing something, that why lenders want all parties on the deed to be on the loan.
Secondly, unless someone other then the lender ended up with the property, I doubt there are any excess funds, lenders rarely submit an opening bid greater then the amount due on the loan and foreclosing costs, in fact it is more common for the opening bid to be less hoping they won’t get stuck with the property.
BTI
Foreclosure/Sheriff’s Sale Funds - Posted by Shadrick Bowe
Posted by Shadrick Bowe on May 30, 2006 at 14:33:17:
My question is if your house was foreclosed on and at the sheriff’s sale the amount of purchase is more than what you owe. What happens to the excess funds? So hypothetically speaking you owe 140 and it sells for 155 at the sale. Any assistance is greatly appreciated.
Scenario is that the house my ex-wife and I had went to foreclosure and it appears the sale was for more than what we owed on it, but now have a possible chance for the local realtor to sell it but that offer is less than what the sale posted for. So thinking we might be better off to keep the sheriff’s sale price versus the other as with the realtor fees and what not we’d probably end up having to pay extra funds.
Thanks,
Shad
Re: Foreclosure/Sheriff’s Sale Funds - Posted by River City
Posted by River City on May 31, 2006 at 17:05:13:
The lender incurs expenses in selling a foreclosed home. You have no idea the things they must do after they foreclose on the home. Things that have nothing to do with you, directly. Most states allow lenders to retain the loan plus expenses, and there are usually a lot of expenses. If you are unsure what applies to your loan, you should contact your lender. Of course, I am sure they tried contacting you through the loss mitigation process to explain what was going to happen and you were most likely unavailable.
Re: Foreclosure/Sheriff’s Sale Funds - Posted by Shad
Posted by Shad on June 01, 2006 at 07:46:36:
Thank you for the response. However it feels like a jab at me with that last statement. I was available and I did talk to the people at one time. This all happened from a divorce and I was getting back at my ex-wife for what she had done. Mortgage itself wasn’t in my name so it won’t impact me, title however is. So I held ownership without any financial responsibility.