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

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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

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 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.


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