If my house was foreclosed on and the sales price was more than the balance I owed, is the lender obligated to reimburse that amount of overage to me?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If my house was foreclosed on and the sales price was more than the balance I owed, is the lender obligated to reimburse that amount of overage to me?

My home was foreclosed on 2 months ago and sold by the lender this month.

Asked on September 11, 2018 under Real Estate Law, Mississippi

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

The lender is allowed to recovery the principal balance on the loan, the costs of the sale, and under the typical mortgage/loan agreement, any legal fees they incurred. Also, any other liens must be paid off, too, whether from a 2nd mortgage, a HELOC, etc. Once all that is paid, any remaining amount should go to you.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption