Posted by dealmaker on May 03, 2006 at 22:01:54:
Maybe! The bank is entitled to not only the amount owed but ALL OF THEIR EXPENSES too. That includes mainly legal but also some other fees. At $250-$300 per hour the legal fees can really jack it up.
The lender is not entitled to "undue enrichment though. So if the loan balance, plus all fees is $100K, but the foreclosure sale brings $105K the borrower would be entitled to the $5K.