Proceeds from the foreclosure sale

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Latest post Wed, Jun 20 2012 6:12 PM by adjuster jack. 3 replies.
  • Wed, Jun 20 2012 3:20 PM

    • AEsquivel
      Consumer
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    • Joined on Wed, Jun 20 2012
    • TX
    • Posts 1

    Proceeds from the foreclosure sale

    I had a BOA mortgage that was recently sold in public auction in Texas (Tarrant County Courthouse).  The ending balance of the loan with BOA was $137, 277.52.  The home was sold for $143,720.00.  That means the home sold for more than the balance due to the loan.  It was sold for $6,422.48 more than what the loan balance was with BOA. 

    Since I was the original homeowner, then should I receive the proceeds from the sale, the $6,422.48? Wouldn't I be entitled to those proceeds?  If so, then how do I go about getting those proceeds paid to me?

     

    Thanks in advance.

  • Wed, Jun 20 2012 3:24 PM In reply to

    Re: Proceeds from the foreclosure sale

    AEsquivel:
    Since I was the original homeowner, then should I receive the proceeds from the sale, the $6,422.48? Wouldn't I be entitled to those proceeds?  If so, then how do I go about getting those proceeds paid to me?

    Does that balance you quoted include the costs of the foreclosure sale? The lender probably may keep enough to cover those costs, too. I suggest you start by contacting the bank's legal department and asking for the excess to be refunded to you and see what response you get.

  • Wed, Jun 20 2012 3:58 PM In reply to

    Re: Proceeds from the foreclosure sale

    Once they foreclose, they own the property and whatever they get is theirs to keep.  I don't know of it working out any other way, esp. in Texas, even if the excess already accounted for costs related to the foreclosure. 

     

  • Wed, Jun 20 2012 6:12 PM In reply to

    Re: Proceeds from the foreclosure sale

    AEsquivel:

    I had a BOA mortgage that was recently sold in public auction in Texas (Tarrant County Courthouse).  The ending balance of the loan with BOA was $137, 277.52.  The home was sold for $143,720.00.  That means the home sold for more than the balance due to the loan.  It was sold for $6,422.48 more than what the loan balance was with BOA. 

    Was this the foreclosure sale or the subsequent sale after the bank got the house back?

    If it was the foreclosure sale the bank generally bids the amount of the loan balance. If somebody outbid the bank for it at that point, then it's conceivable that the bank could owe you some money.

    However, it wouldn't surprise me a bit if the bank's foreclosure costs exceeded the $6,422.48 by a lot so you wouldn't get back anything anyway.

    Wouldn't hurt to ask.

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