<P> Both mortgage possession / repossession and foreclosure are quite similar , with the main differential being the treatment of any funds that exceed the amount borrowed . In the case of mortgage possession or repossession , if the home is sold or auctioned for a price that exceeds the loan balance , those funds are returned to the consumer . In the case of foreclosure , the mortgage company retains all rights to proceeds from a sale or auction . </P>
<P> Both mortgage possession / repossession and foreclosure are quite similar , with the main differential being the treatment of any funds that exceed the amount borrowed . In the case of mortgage possession or repossession , if the home is sold or auctioned for a price that exceeds the loan balance , those funds are returned to the consumer . In the case of foreclosure , the mortgage company retains all rights to proceeds from a sale or auction . </P>
if there is a default on a mortgage the mortgagor after the foreclosure sale has the right of
if there is a default on a mortgage the mortgagor after the foreclosure sale has the right of
proceeds from a sale or auction
proceeds from a sale or auction