What is excess resale?

What is excess resale?

Excess proceeds from the sale of tax-defaulted property is defined as any amount that is more than $150 after tax and assessment liens, fees and costs of the sale have been satisfied. Details of properties sold at a previous year tax sale are available by viewing the Final Reports of Sale. …

What happens when your house is up for auction?

At the auction, the home is sold to the highest bidder for cash payment. Because the pool of buyers who can afford to pay cash on the spot for a house is limited, many lenders make an agreement with the borrower (called a deed in lieu of foreclosure) to take the property back. Or, the bank buys it back at the auction.

What happens to excess proceeds from a foreclosure sale?

But the last known address is usually the foreclosed property. Because most people don’t realize they’re due any excess proceeds, they tend to vacate a foreclosed property without leaving a forwarding address. So, it’s difficult for a trustee or other sale officer to find foreclosed homeowners after a sale.

What happens when your house is sold at auction?

If you received a gain on the property, you may have an increased tax burden. You may run into this scenario when the house sells at auction for more than you owe on the property. You may claim an exemption from the increased tax if you are in bankruptcy proceedings or if you can prove you are insolvent.

How to claim foreclosure overage surplus funds from?

The best way to be sure that there are excess proceeds from a foreclosure sale is to consult with our attorney and confirm the amount of foreclosure proceeds that can be claimed. Our team has the experience to make successful claims and recovery funds on behalf of homeowners who have lost their homes in foreclosure.

Can a county keep excess payment from a property sale?

Many states throughout the U.S. have statutes that prohibit the county from keeping the excess payment for these properties. This is where the “secret business opportunity” exists in collecting excess proceeds.

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