Foreclosure Sells and Monies over the owed amount - Posted by A Williams

Real Estate Investing Real Estate Law
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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.

dealmaker

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Foreclosure Sells and Monies over the owed amount - Posted by A Williams

Posted by A Williams on May 03, 2006 at 16:42:49:

Is it true that if a property goes to foreclosure and the banks makes monies over and above the amount owed on the note, that the owner has legal rights to the difference?

If so, what is the law and how do I get verification on it?

Thanks