0
No, if there is any surplus of funds from a public foreclosure auction, it goes to the homeowners.
This is why banks keep raising fees, interests, charges, costs, and any other monetary items they can impose on an account.
The bank wants to be able to collect as much money as possible from the sheriff sale of the home.
Not surprisingly, a surplus that goes to the homeowners is very rare. Most homes do not sell for enough to pay off even the first mortgage, let alone any other liens or create a surplus.
However, in the rare cases where there is a surplus, the homeowners often have to request it from the court or county clerk. They will not just be sent a check.
The government would rather that the homeowners disappear and leave the surplus for the government itself to claim, instead of letting the borrowers know they are entitled to some funds as a result of the sale.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Would a surplus money action in a foreclosure be filed by the junior mortgage holder?
That is true
Is money received as surplus from a foreclosure taxable?
Not only money received but also debts forgiven from credit cards, car loans, etc. Any and all debts forgiven or wiped away through bankruptcy courts are taxable as income.
What is the difference between reserves and surplus?
A reserve is a planned amount, a surplus is unplanned.
Definition of consumer surplus?
Consumer surplus - the difference between what a consumer is willing to pay and what they actually pay. Aggregate consumer surplus measures consumer welfare
Is deficit the opposite of surplus?
yes
What are my rights as a secondary heir in my father's estate if his real estate goes into foreclosure?
The banks claim is superior to yours because your father conveyed the property to the bank when he granted the mortgage. You would be entitled to any surplus after the bank deducts its debt, costs and expenses of foreclosure.
Would a surplus money action in a foreclosure be filed by the junior mortgage holder?
That is true
Can foreclosure of investment properties result in the selling of your own home?
In theory yes, but in practice I doubt it will happen. The bank will start the foreclosure procedure with your investment properties, ultimately these properties will be sold and the proceedings used to settle the mortgage loan. In most situations the proceedings will be enough to pay off the mortgage and you are entitled to the surplus. However if the proceedings are not enough to pay off the mortgage you can and will be forced to pay it off with other funds and eventually bankruptcy can follow and your home will be taken. And please do not forget that even a foreclosure on investment properties will have a negative impact on your credit score.
How do you find auctions surplus sources for lab glassware?
You can find auctions through internet searches using "lab glassware" as your keyword. This will take you to many sites like LabX.com The many Auction Houses use this website to advertise there up coming auctions! Use this as a start!
Why do bees collect pollen?
Bees collect nectar for food. Because raw nectar would not store for very long without fermenting, bee convert the surplus of nectar they collect into honey to use as food when nectar is not available. It is this surplus honey that we collect. Beekeepers then replace the honey with sugar syrup which, for the bees, is just as good.
Where can one bid on auctions other than eBay?
Recently, with the rise in popularity of "penny auctions", sites such as Quibids and Bidcactus have been getting their fair share of internet traffic. As for general auction sites, one can find auctions to bid on at sites such as Amazon, Sam's Club, and Public Surplus.
Where do they run legitimate government auctions in Alabama?
Go to this site to learn about auctions in Alabama: http://www.adeca.alabama.gov/Surplus%20Property/default.aspx . Be aware that there are many scam companies that claim to have auction listings. Only deal with .gov sites!
Where can I sell surplus inventory?
I have been selling my surplus inventory at Liquidation.com for years and love it. It is really easy. I found an article that talks about the potential hazards associated with online auctions, namely brand and channel control. You can find out more here: http://probleminventories.com
If your home was sold at foreclosure auction above the amount due to the mortgage company what is the procedure to get the balance sent to you?
The purpose behind a foreclosure sale is to enable the lender to recover what you owe. You are entitled to any surplus funds after the lender recovers what you owe, pays all the fees relating to the foreclosure and pays off the balance of any junior liens, property taxes and municipal charges.You need to check in the jurisdiction where the property is located to determine the procedure to claim the overage in your state. In some states the excess is turned over to a county trustee. In others a check is sent to the mortgagor. There are many cases where debtors had built up equity in their property and there are attorneys who handle this type of claim.In Massachusetts for example, the lender must provide to the mortgagor an itemized accounting of the disposition of the proceeds from a foreclosure sale within 60 days of receiving those funds. The accounting must include any surplus due the mortgagor.See the article at the link below that relates to overages.http://www.denverpost.com/2011/03/07/money-owed-to-victims-of-foreclosure-rarely-gets-to-them/
Where to buy us army surplus?
Depends on what you're looking for. For uniforms, MOLLE equipment, stuff to that effect, you can look for military surplus stores, on online at websites such as Cheaper Than Dirt, US Cavalry, etc. Stuff like vehicles, you'd have to look at the GSA auctions.
Where can one find online equipment auctions?
Depending on the type of equipment one is seeking, there are many choices as to purchase online. eBay is always a basic choice for purchasing anything online. There are sites dedicated to government surplus auctions such as govdeals and publicsurplus, as well as heavy equipment auctions at auctionzip, auctiontime sells farm equipment and equipmentone is a general equipment auction site.
What has the author George C Chelekis written?
George C. Chelekis has written: 'The action guide to government auctions' -- subject(s): Government auctions, Purchasing, Surplus government property 'The complete guide to United States government real estate and merchandise' -- subject(s): Auctions, Directories, Government sale of real property, Information services, Purchasing, Surplus government property 'The action guide to government grants, loans, and giveaways' -- subject(s): Directories, Finance, Government lending, Grants-in-aid, Proposal writing for grants, Research grants, Small business
