Legal Question in Real Estate Law in New York
Overbid From a Forclosure Auction.
Recently lost a condo at a foreclosure auction. I heard that there was a sizable overbid at the sale. I just wanted to know who gets the overbid? Does the bank automatically get it , or can it be claimed by me? Also what is the process if it can.
Asked on 7/02/07, 7:18 pm
1 Answer from Attorneys
Robert R. Groezinger
GroezingerLaw P.C.
Re: Overbid From a Forclosure Auction.
If, after all of the fees and expenses are deducted, and all outstanding bills and taxes are paid, the overage goes to the homeowner, in the same manner that if there was a short sale, there would be a deficiency judgment against the homewowner. You do, however, need to dtay on top of things.
Good Luck
RRG
Answered on 7/03/07, 11:03 am
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