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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Trustee sale overbid distribution Posted by Ward-CA- on December 17, 2001 at 7:26 AM In Reply to: Trustee Sale posted by Gary - CA on December 16, 2001 at 1:38 PM : Do owners that lose their home at the Trustee sale entitled to receive any money if the bid amount is higher than the total : of any loan balances and costs incurred during the foreclosure. : If so, does this happen very often. : Gary =?=?=?=?=?=?=?=?=?=?= Gary, in most jurisdictions, including CA, the surplus overbid generated at a foreclosure auction will go downward to the highest junior lien until it is paid in full and then on downward to the next junior lien in succession, etc. until the overbid is completely paid out. If there are no junior lienors or if some of the overbid still exists after all juniors are paid then the balance of it goes to the parties owning the property at the time of the auction. Overbids at the foreclosure auctions are very common right now in California?s overheated real estate market. And defaulting owners frequently get some of it, depending on how much they have encumbered their property at the time of the sale. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Do owners that lose their home at the Trustee sale entitled to receive any money if the bid amount is higher than the total : : of any loan balances and costs incurred during the foreclosure. : : If so, does this happen very often. : : Gary : =?=?=?=?=?=?=?=?=?=?= : Gary, in most jurisdictions, including CA, the surplus overbid generated at a foreclosure auction will go downward to the highest junior lien until it is paid in full and then on downward to the next junior lien in succession, etc. until the overbid is completely paid out. If there are no junior lienors or if some of the overbid still exists after all juniors are paid then the balance of it goes to the parties owning the property at the time of the auction. : Overbids at the foreclosure auctions are very common right now in California?s overheated real estate market. And defaulting owners frequently get some of it, depending on how much they have encumbered their property at the time of the sale. : Hope this helps. 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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