You mention that you're dealing with a trustee. Is it a bankruptcy trustee or a trustee who has conducted a trustee's sale on a foreclosed property? We have dealt with both situations, but they are completely different. Excess funds in a bankruptcy would generally go toward the homeowner's exemption after all secured liens were paid on the owner's homestead up to $150,000, and then if there are still excess funds, to pay allowed claims of unsecured creditors. In the foreclosure, after all valid liens are paid off, the excess generally goes to the property owner. The trustee should be able to provide you with an accounting of what was paid, how it was applied and what if any excess funds remain. We are not able to render legal advice unless and until such time as we are engaged pursuant to an engagement letter after a conflcit check has been conducted. Hope that this is of some assistance. Thank you.
Answered on Apr 17th, 2017 at 10:45 AM