InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Close to 60 days... Posted by Ward-CA- on November 13, 2009 at 11:35 PM In Reply to: Over Bid Proceeds??? posted by Scott-CA on November 13, 2009 at 8:27 PM Scott, A foreclosure auction overbid is that amount of the final bid that exceeds the sum of money the foreclosing lender is entitled to in the satisfaction of their delinquent debt. When an overbid situation occurs, the foreclosing trustee is obliged by law to send notice of that fact, within 30 days, to all persons who had a recorded interest in the real property the day prior to the sale. They are invited to return a sworn statement regarding the amount they are owed to the foreclosing trustee within 30 days. [CA Civil Code § 2924j] So, it looks like an ex-owner has a maximum of approximately 60 days from the auction date to get their overbid claim in to the foreclosing trustee. ----------------Ward ====================== : How long does it typically take for the foreclosed ex-owner to receive over bid proceeds? Will the Trustee send the funds directly to the ex-owner or will the ex-owner need to do anything to claim the funds? : Scott Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Scott, : A foreclosure auction overbid is that amount of the final bid that exceeds the sum of money the foreclosing lender is entitled to in the satisfaction of their delinquent debt. : When an overbid situation occurs, the foreclosing trustee is obliged by law to send notice of that fact, within 30 days, to all persons who had a recorded interest in the real property the day prior to the sale. They are invited to return a sworn statement regarding the amount they are owed to the foreclosing trustee within 30 days. [CA Civil Code § 2924j] : So, it looks like an ex-owner has a maximum of approximately 60 days from the auction date to get their overbid claim in to the foreclosing trustee. : : ----------------Ward : : ====================== : : : How long does it typically take for the foreclosed ex-owner to receive over bid proceeds? Will the Trustee send the funds directly to the ex-owner or will the ex-owner need to do anything to claim the funds? : : Scott [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455