Title: A Guide on How to Claim Foreclosure Overage and Excess Proceeds
Headings: A Quick Guide on How to Claim Foreclosure Overage and Excess Proceeds
A Quick Guide on How to Claim Foreclosure Overage and Excess Proceeds
A Quick Guide on How to Claim Foreclosure Overage and Excess Proceeds
How the Sale Works
Excess Proceeds
How to Claim Foreclosure Overage
Follow the Process

Content: This classification determines whether or not the foreclosure process goes to court. In a nonjudicial foreclosure, a trustee or court-assigned officer works the process. The home goes to auction, which may happen online or in person. Due to the advancement and ease of technology, most of today’s auctions happen online. The lender and third parties may bid on the home. If the house sells for more than the loan balance, that amount is excess proceeds. Excess Proceeds
The average homeowner knows nothing about excess proceeds. When a home goes into foreclosure, they remove the belongings and move forward. The trustee or officer of the court has a requirement to notify the borrower of excess proceeds. The problem with this is that when there are excess proceeds, the notice goes to the homeowner’s last address.