Legal Question in Real Estate Law in California
foreclosure and banks made big profit
They sold my house for more than I owe, do I get any money
i was foreclosed on then the bank sold my house for $50k more than i owed-even with finance charges and stuff.
2 Answers from Attorneys
Re: foreclosure and banks made big profit
Mr. Starrett has answered already.
You may receive some proceeds, butdon't start spending it yet.
Re: foreclosure and banks made big profit
The bank is only entitled to retain the amount owed on the loans plus any legally authorized costs of the foreclosure sale. Any exceeds could got to you or to creditors that have priority.
Supposes you have a second mortgage for $75,000. The second mortgage holder could make a claim for those funds with the foreclosure trustee and they would have priority over you. You might also have judgment creditors who have put a lien on your home.
If there are no other creditors with a legal entitlement to the money, you can retrieve the excess proceeds from the foreclosure trustee.
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