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Answers (5)
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
It doesn't much matter whether it sells in private sale pre-foreclousre or at a foreclosure auction, the order of pay-out of proceeds is the same:
1) Real estate taxes due and owing
2) Lienable municipal services (water & sewer billing etc..)
3) Mortgage payoff
4) Any excess goes to the owner (or junior lien holders)
1) Real estate taxes due and owing
2) Lienable municipal services (water & sewer billing etc..)
3) Mortgage payoff
4) Any excess goes to the owner (or junior lien holders)
- workabee
- Contributions:1030
The bank would create a list of fees to charge the owner so there would be no money left over.
- Jesse McGreevy, "Jesse McGreevy"
- Contributions:163
If everything for the bank is paid off and there are additional proceeds then the owner would keep the difference.
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- Don Greenberg
- Contributions:261
I do not deal with sales, but wouldn't this be a rare situation?
- BUY NAPLES
- Contributions:62
Until the foreclosure process is complete, the legal owner would receive the proceeds. Keep in mind that a sale generally takes several weeks to process through escrow and all the necessary procedures including passing clear title to the buyer are required. All liens and mortgages would need to be satisfied as well.
If a home is in foreclosure and it sells for more than is owed who would get those proceeds.
A house is for sale but we understand that payments have not been made on the mortgage. The owner has been expecting to be foreclosed. There is now a for sale sign on the property. If someone would pay over and above what is owned who would get the difference.
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