QUESTION

What will happen to the remaining money from the sale and will I be entitled to proceeds after the taxes are paid?

Asked on Jan 25th, 2013 on Foreclosures - Florida
More details to this question:
I was the executor of my grandmotherโ€™s will and her house has been paid off since 1980 but I was not able to keep up the expenses or taxes while waiting to sell the house so now the house is in pre-foreclosure. What would I need to do?
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3 ANSWERS

The best thing is to pay off the taxes if you can. You can do so before the sale, or after the sale for two years, generally.
Answered on Jan 30th, 2013 at 2:09 PM

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Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC at Love and Dillenbeck Law
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If the home goes into foreclosure for the taxes, the estate will get the rest of the money left over. Unfortuantely, at tax foreclosure, people usually bid very little typically the amount of the taxes themselves or a little more to get a deal. You need to see what can be done to prevent the tax sale.
Answered on Jan 29th, 2013 at 4:36 PM

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Mortgage Foreclosure Defense Attorney serving Deerfield Beach, FL at The Ticktin Law Group
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You should seek an attorney immediately to help resolve this issue before foreclosure proceedings are filed with the court. As there is a lot more information I would need to know before providing a proper response, it would depend on your Mother's will and how she wished her home to be dealt with. Your Mother's will dictates how the proceeds will be disbursed if any. The issue here is whether any proceeds will occur from the sale. If the county is successful in obtaining a foreclosure sale for past due taxes and a sale date, then there will be a public auction to purchase the home. An entity or person may only bid a $1,000.00 dollars or just the amount of the taxes and purchase the home. They then would pay off the taxes and that entity or person could own the home free of all liens. Therefore, a scenario may occur where no profit is obtained from the sale.
Answered on Jan 29th, 2013 at 4:36 PM

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