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socrateaser, Lawyer
Category: Legal
Satisfied Customers: 39039
Experience:  Retired (mostly)
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The loan forgiveness package has been extended thru 2016-

Customer Question

The loan forgiveness package has been extended thru 2016- How would this affect me if I am living in my primary residence and I have tried to negotiate with the bank many times for modification and was not allowed to get one? Now, I am in process of a cash for key exchange at the threat of eviction after 1/28/2016 Sprained my ankle a few weeks ago on the stairs trying to clean. I am not all moved out- I gave my word if that is what the bank wants- I will move out. Two separate attorneys have told me two different things about excess funds from the sale of the home- one said that all excess funds came to me when the house sold. The other one I just asked said most likely there would be no excess funds and I would not get them.
Submitted: 1 year ago.
Category: Legal
Expert:  socrateaser replied 1 year ago.


Both attorneys are correct. Legally, you're entitled to any excess funds paid by a buyer after a foreclosure sale. However as a practical matter, the bank is usually the high bidder and it need only bid the amount of its loan, which is inevitably equal to or greater than the value of the property. Consequently there are no excess funds to distribute.

If for some reason your property were bid sky high by various buyers, then that would leave excess funds to return to you. But, it's extremely unlikely, because buyers rarely bid more than fair market value, unless the property has some unique attributes that make it unusually valuable (e.g., ocean view, famous architect designer, famous celebrity lived in the property, historic landmark, etc.).

Concerning the threat of eviction, it's very rare for the bank to proceed to evict an owner, if the move-out occurs only a few days late, because the cost of legal action is more than the cost of waiting a few days. So, I wouldn't be too worried about this, as long as you assure the bank that you will be out soon.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.

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Expert:  socrateaser replied 1 year ago.

Hello again,

I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?

If you need further clarification, concerning this matter, please feel free to ask. If not, I would greatly appreciate a positive feedback rating for my answer -- otherwise I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!