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One of my relatives is facing a foreclosure. The amount he owes is around 50,000 while the current bid is 100,000. According to a real estate broker the house will sell for about 140-150,000. My question is, will he get the extra amount or the profits?? If he gets the profits, then it's well and fine. However, if he doesn't, he may try and fight it, but he has been in the hospital for weeks and isn't in a condition to deal with lawyers.
Thanks.
profits from a foreclosure
Hi NuttyProf,
Generally speaking, the profits from a foreclosure are needed to be forwarded to the person whose property is being foreclosed. However, this may depend on the state laws too. Thus, it is better to check the state laws first. Most of the states allow the owner of the property to get the profits.
Hope this helps.
Regards,
Aaron.
I would be very concerned about fees taken out. Does your relative have an attorney?
profits from a foreclosure
Hello cinnamngrl,
Yes, my relative does have an attorney. Do you think this will be of any help? If so then in which way? Please advise.
Thanks.