QUESTION
Excess Proceeds from Foreclosure
Asked on Mar 07th, 2017 on Residential Real Estate - California
More details to this question:
My mother passed away in July 2016, with no will or trust. She was in default on her home loan. House was sold in foreclosure auction on 3/6/17. Received call same day from legal processing firm that there are excess funds (house sold for more than owed). How should this be handled? I have 4 other siblings. Does the excess funds get distributed to me and my siblings? Is there a time limit on receiving these funds ?
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Price Law Firm, APC
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This is a two step process.
First, you'll have to determine whether a probate proceeding is required. This will depend on the value of your mother's assets and whether she had real or personal property.
Second, you will have to file a claim with the court for the excess proceeds, either for your mother's estate, or for your mother's heirs if no probate proceeding was required.
Contact an attorney for a full consultation.
Answered on Mar 14th, 2017 at 5:58 PM