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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 110543
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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If you are a note holder an a property get forcloused on how

Customer Question

If you are a note holder an a property get forcloused on how long do escrows by law to hold you money ?
Submitted: 6 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 6 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
They have to return the money in a "reasonable time" which is generally held by courts to be within 30 days of completion of the foreclosure and payment of all of the senior liens. Liens are paid off in priority of date of filing and as long as their is money left from the foreclosure sale they keep paying the liens until there is no money left, which means they may run out of money before some of the junior liens are paid. If there was not enough money from the foreclosure sale to pay the most senior lien, then the junior lienholders do not get to collect in the foreclosure.

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