Do You Have a Foreclosure Surplus Refund Owed to You?
The foreclosure process may be draining and discouraging at times. You’ve worked hard to find a home and pay off your mortgage, but we realize that things don’t always go as planned. However, the foreclosure procedure may provide you with a cash windfall in the form of surplus funds following the foreclosure auction. How do you find out whether you’re eligible, and how does the application process work? calculating the extra amount The foreclosure procedure will take several months, but after the house is sold at trial, the total sum will be compared to the outstanding mortgage loan debt. If the amount is less than the remaining balance on the mortgage, the lender can launch a lawsuit in Victorville to recover the difference. When the foreclosure selling price exceeds the total sum due on the mortgage, borrowers might gain. In this instance, the lender’s first move will be to utilize the extra cash to cover any expenses incurred throughout the foreclosure process. ...