Foreclosure

questions & answers

Question: My home went to foreclosure. The amount owed was $368,000 ,the bank set the opening bid at $302,000, The home sold for $371,000. Should the excess funds be the difference between $371,000 and $368,000 or between $371,000 and $302,000. Thx

Answer: The amount of any excess proceeds from a trustee sale is the difference between the purchase price at auction and the balance owed by the former owner to the foreclosing lender. If a house sells for $100K and the bank was owed $90K then the amount of excess proceeds is $10K. For more information about excess proceeds and how they are dealt with read this article http://azlawhelp.org/articles_info.cfm?mc=3&sc=20&articleid=264

QUESTIONS

  • My home went to foreclosure. The amount owed was $368,000 ,the bank set the opening bid at $302,000, The home sold for $371,000. Should the excess funds be the difference between $371,000 and $368,000 or between $371,000 and $302,000. Thx

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