QUESTION
Will the company get the excess funds even though the sale satisfied my debt and blocked my credit?
Asked on Apr 16th, 2013 on Foreclosures - California
More details to this question:
My home was foreclosed by a company in 2010 due to repeated denials of modifications, or lets just say it wouldn’t work with me on anything even with an approved Federal housing administration counseling service. They go $48,000 in the appraisal. My loan was for $61,000 and the sheriff sold it to the highest bidder for $71,300. Will the company get the excess funds even though the sale satisfied my debt and blocked my credit? Since it’s 2013, can I still do anything about this?
4 ANSWERS
"Equity of redemption" means the amount of the sale price over and above the amount needed to satisfy all liens, costs, attorney's fees and any other costs the lender can think of to pad the bill. In theory, you are entitled to the remaining equity. You can try talking to the lender yourself, but I fear you will probably need an attorney. An attorney can also advise you about the statute of limitations. But you should act immediately because the limitations period may expire soon.
Answered on Apr 19th, 2013 at 3:40 PM
You should have received the excess over the amount of the debt, interest and costs of sale. Make a demand for an accounting, then sue if necessary.
Answered on Apr 19th, 2013 at 12:24 AM
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Each state has different laws and processes. Feel free to contact me if the property is located in Arizona.
Answered on Apr 18th, 2013 at 11:37 PM
The excess goes back to you.
Answered on Apr 18th, 2013 at 4:08 PM