foreclosures - Posted by Victor

Posted by JT-IN on March 29, 2004 at 22:27:14:


In anser to your questions:

  1. No the owner doesn’t lose equity in a foreclosure sale.

  2. If the property sells for more than the loan amount, any other loans or judgments of record, plus any fees due the court or Trustee, then the surplus left over goes to the owner of record at start of the action… or at the time of the sale. (this may bary by state). This means that if it sells for 10K more than what is owed, the owner will get the 10K back… but may have to apply to the court to obtaint he refund.


foreclosures - Posted by Victor

Posted by Victor on March 29, 2004 at 20:57:34:

  1. When a person’s house is sold at a foreclosure sell, do they loose all the equity they had in the house?

  2. Is there a chance that the bank would give the former owner of the foreclosed property any money back if the property was auctioned off for more than what was left to pay off the house?