Legal Question in Real Estate Law in Arkansas
What happens to my equity after a foreclosure?
After a hard battle to keep our home, we had it foreclosed on. I've been told we should have received the equity we had in the home after the foreclosure. Is this true? Should we hire an attorney to help us get our equity?
Asked on 4/02/04, 8:28 pm
1 Answer from Attorneys
Harvey Harris
Harris Law Firm
Re: What happens to my equity after a foreclosure?
It depends on how much equity plus how much the house sold for. If the sale of the house exceeded the amount you still owed on the house, you may be able to get the equity back. But not if it did not cover your remaining debt.
Yes, you probably need an attorney if you are owed money and have not yet received it.
Answered on 4/02/04, 9:56 pm
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