Excess proceeds from sale of foreclosed property ? - Posted by Foreclosure Question

Posted by Bruce Lawson on September 30, 2003 at 13:50:13:

If a foreclosed home sells for more than what is owed the bank(mortgagee)after everyone who had an interest in the property gets paid then the remaing funds go to the borrower(mortgagor).

Sincerely,

Bruce Lawson

Excess proceeds from sale of foreclosed property ? - Posted by Foreclosure Question

Posted by Foreclosure Question on September 26, 2003 at 11:14:17:

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.