If my house was foreclosed on and the sales price was more than the balance I owed, is the lender obligated to reimburse that amount of overage to me?

My home was foreclosed on 2 months ago and sold by the lender this month.

Asked on September 11, 2018 under Real Estate Law, Mississippi


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

The lender is allowed to recovery the principal balance on the loan, the costs of the sale, and under the typical mortgage/loan agreement, any legal fees they incurred. Also, any other liens must be paid off, too, whether from a 2nd mortgage, a HELOC, etc. Once all that is paid, any remaining amount should go to you.

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