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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 38256
Experience:  17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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My home has been foreclosed on, it is in the upset bid

Customer Question

My home has been foreclosed on, it is in the upset bid stage. My question is who gets the the money thats over whats owed on it? The balance on the mortgage is 77,000. and as of today the bid is 117,000.
JA: You just pay a $5 deposit now and the rest only when you get a reply from the Real Estate Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason. Is this a fixed-rate or adjustable-rate mortgage?
Customer: A fixed- rate.
JA: Where is the property located?
Customer: Winterville, NC
JA: Anything else you want the lawyer to know before I connect you?
Customer: Thats all, thanks.
Submitted: 2 months ago.
Category: Legal
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

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My question is who gets the the money thats over whats owed on it?

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You get whatever surplus is left over after the mortgages and liens are paid along with any foreclosure and auction costs. Following the foreclosure sale, Notice by the trustee - that surplus funds remain - should have been issued to the Petitioner. The Final Report and Account of Foreclosure Sale should also have been issued. These documents should be reviewed concurrently for accuracy.

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The Petitioner should then submit a signed affidavit supporting her claim for surplus funds. This document states the relevant details, such as the address of the subject property and amount of funds sought.

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The next step, and perhaps the most important, is submitting the Petition to Determine Owner of Surplus Funds, Motion to Claim Funds and Motion to Disburse Funds (i.e., the “Petition”). The job of the Petition to tell who the owner is and why the funds should be distributed.

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The hearing with the office of the clerk of court is the last significant hurdle. The hearing officer will review the information, and ensure everything is accounted for. If any adverse parties are present, they will be provided an opportunity to be heard. A well-organized Petition increases the efficiency of the hearing.

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After a successful hearing, and a submission of an Order and Motion to Disburse Funds, the funds should be ready for disbursement. This step can take a few weeks, often at the consternation of the Petitioner.

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With that said, it might be best to talk to a local real estate attorney and hire them to assist with getting everything filed so you can get the surplus back in the fastest possible time.

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thanks

Barrister

Expert:  Barrister replied 2 months ago.

Hello again,

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I just wanted to touch base with you and check in.

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Did you have any further questions I can help with?

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Thanks much

Barrister