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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Wiped off, not wiped out Posted by Travis-CA on December 15, 2003 at 3:44 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, Junior liens are wiped off the title to the property at a seniors foreclosure, not necessarily wiped out. You are correct in your example of overbid funds distributed. Travis 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, : Junior liens are wiped off the title to the property at a seniors foreclosure, not necessarily wiped out. : You are correct in your example of overbid funds distributed. : Travis 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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