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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosure and inferior liens Posted by Tarun (DE) on December 15, 2003 at 3:36 PM In Reply to: Foreclosure and inferior liens posted by Larry Marshall on December 15, 2003 at 12:21 AM : I have read on this forum that all subordinate liens are wiped-out as a result of foreclosure. : What happens to the money that is bidded over the amount due to the superior lien holder?. Suppose the following: : 1st TD: $160,000 : 2nd TD: 40,000 : 3rd TD: 40,000 : 4th TD: 92,000 : 5th TD: 1,600 : and the first is foreclosing. Assume the house sells at sale for $230,000. Who gets the extra $70,000? The first doesn't get to keep it, do they? I thought that the 2nd would get $40,000 and the third would get $30,000. Thanks, : Larry You are correct. After distributing the funds to 1st TD the rest goes to next in line...2nd TD, 3rd TD..etc. Sometimes when all dues are paid the owner gets some also...very rare. Tarun Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have read on this forum that all subordinate liens are wiped-out as a result of foreclosure. : : What happens to the money that is bidded over the amount due to the superior lien holder?. Suppose the following: : : 1st TD: $160,000 : : 2nd TD: 40,000 : : 3rd TD: 40,000 : : 4th TD: 92,000 : : 5th TD: 1,600 : : and the first is foreclosing. Assume the house sells at sale for $230,000. Who gets the extra $70,000? The first doesn't get to keep it, do they? I thought that the 2nd would get $40,000 and the third would get $30,000. Thanks, : : Larry : You are correct. After distributing the funds to 1st TD the rest goes to next in line...2nd TD, 3rd TD..etc. Sometimes when all dues are paid the owner gets some also...very rare. : Tarun Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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