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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?
Wiki User
∙ 17y ago
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/
Wiki User
∙ 7y ago
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What is a junior mortgage on a property that includes the balance due on an existing senior mortgage called?
foreclosure
Should you sue a title company for not paying your mortgage balance at closing which caused your house to go into foreclosure?
Notice should have been given to the homeowner by the mortgageholder letting them know that the balance on the mortgage had not been paid. At that point the title company could have been contacted and the matter should have been cleared up before the mortgage holder could finalize foreclosure proceedings. Therefore, I do not believe that the title company could have caused a mortgage foreclosure.
What happens when your home is in foreclosure and you have an equity line of credit on this home?
If your home goes into foreclosure and you have an equity line of credit, the lender who holds the equity line will typically be paid after the primary mortgage lender from the proceeds of the foreclosure sale. If there is not enough money from the sale to cover both loans, the equity line lender may pursue you for the remaining balance. It's important to consult with a legal or financial professional to understand your options in this situation.
Are liens paid with foreclosure?
That depends on what the outstanding balance of your loan is, the value of your home, and how much the bank will settle for. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
If you are behind on your mortgage will they keep your insurance claim?
If your home is in foreclosure then yes they apply it to the loan balance in the event you loose your home.
Why am I being sued after foreclosure?
If it sold for less than you owe on the mortgage and costs associated with the foreclosure, you can be held responsible in some states for the balance. You might consider seeking advice from an attorney who works with homeowners who face foreclosure.
How are lenders paid after a first mortgage foreclosure?
Lenders are paid after the property is sold. Hopefully they will receive at least the balance of what you owed on mortgage. If not they will be looking to you eventually for any deficient balance if they are not able to clear you debt totally through the sale.
Who owns home after filing a chapter 13?
It depends on what the chapter 13 plan provides. Most 13s are started to save a home from foreclosure, so the debtor remains the owner until the plan is completed. If the debtor misses post-filing mortgage payments, the mortgagee will file a motion for relief from stay to get the court's permission to proceed with the foreclosure. The plan can provide for the sale of the house, most often at auction, and the balance of the mortgage becomes unsecured debt to be paid according to the plan provisions for unsecured creditors. Or the plan can provide for the surrender of the collateral (home) to the mortgagee, with the same result for the mortgage balance.
After foreclosure is there a benefit of filing Bankruptsy?
After a foreclosure, the mortgage company or bank will send you a 1099-like form showing forgiveness of the balance due on the mortgage, including the costs of foreclosure. This is income to you and you will have to pay income taxes on that amount unless you file bankruptcy. You can also remove any unsecured debt that would otherwise make it harder to start over.
What information is not collected from the servicer in a mortgage loan?
what information is not collected from the servicer in a foreclosure? loan balance, arrearages, interest rate property value or investor
In a preforeclosure does the end buyer have to pay off the unpaid balance of the mortgage?
The buyer at a foreclosure sale pays to the bank the amount they bid at the sale. The foreclosure process nullifies the outstanding (or foreclosed) mortgage as it affects the property. However, a buyer at a foreclosure sale should have the title examined by a professional in order to disclose any other liens and encumbrances that affected the property prior to the recording of the mortgage that was foreclosed. A person who plans to bid at a foreclosure sale should always work closely with an attorney.
Who gets the insurance check for a claim the mortgage co?
The homeowner unless you are in foreclosure and in the event you loose your home it is applied to the loan balance. They hold it until that happens.
