What to do if my home foreclosed on but there was about $25k in equity?

At the time my credit union foreclosed on my home I had about $25k of equity. Is there any chance that I can recoup any of this? It’s been about 2 years since the foreclosure. I know the credit union had costs to be paid but I’m thinking I should still be entitled to some of my equity.

Asked on July 8, 2012 under Real Estate Law, Indiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Upon foreclosure, the home owner is entitled to recoup any money over and above what the house sold for minus the outstanding mortgage and fees associated with the foreclosure.  So even if there is equity in the house, if the sale price did not cover the mortgage and fees then you have nothing to recoup.  You need to find all this info out.  Good luck.


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