Excess Foreclosure Proceeds

When there is a foreclosure and the sale of the property brings more money than is owed against it, who gets the excess?

1 Answer

To be absolutely sure, check your state laws by looking the info up on the website, as state laws vary - Try your county's Recorder website to get documents with details of the sale.

You would get any excess proceeds from a sale of a foreclosed home. Keep in mind that any expenses the lender suffered would be subtracted from the excess. Lawyer fees, late fees, foreclosure fees, court fees, filing fees, and anything else the bank had to pay as part of the foreclosure process would be paid before any of the excess money from the sale was given to you. Lawyer fees range from state to state and lender to lender. You have a right to ask for the breakdown of fees and expenses incurred from the foreclosure, and you would contact the attorney who handled the foreclosure for the lender. To find the attorney, look for any documents you received from a law firm prior to the sale date, or call your previous lender.