Posted by Emily - NC on October 02, 2003 at 14:29:45:
Yes, I believe you are correct.
Excess Proceeds from Sale of Foreclosed Property - Posted by Foreclosure Question
Posted by Foreclosure Question on September 26, 2003 at 11:18:11:
Hello Everyone,
I am confused about something, and perhaps you know the answer. A house is foreclosed upon. Entire mortgage balance due at time of foreclosure is $170,000. But surprise surprise, the house sells for $192,000 at the foreclosure auction. Is the foreclosed owner entitled to the excess proceeds (that is minus the sheriff fees, legal fees etc). Is the owner of a foreclosed property entitled to the excess proceeds, where the foreclosed property is sold for much more that the total mortgage due ? I am in NY. Please help.