Are you entitled to overage on your forclosed home after the bank sells it

House foreclosed owed 193k they sold it
for 245k am I entitled to the overage

Asked on October 11, 2017 under Real Estate Law, California


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You are entitled to whatever was left after paying all of the following: 1) the costs of the sale; 2) the legal expenses associated with the foreclosure; 3) the remaining principal balance of the loan; 4) any other loans (like a HELOC or 2nd mortgage) or liens on the property. If not paid that overage, you could sue for it. First, though, contact the sheriff's department (which presumably did the sale; they are the ones who conduct such sales in the states with which I am familar) and ask for an accounting of what happened to the overage--where did they send it? Get the information first, confirm that there was something left after the above items were paid, then decide if you want to sue.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.