iowap
07-21-2005, 03:44 AM
If I am a successful bidder at a sherrifs sale/foreclosure sale, where does the excess proceeds above the foreclosure amount filed by the bank go?
Example:
Bank is foreclosing on property for $50,000. I bid up to $100,000 and receive the bid. Where does the extra $50,000 go to? I assume the bank receives their money no matter what since they iniated the foreclosure.
Or
Same scenario, but 1st lien bank forecloses for $50,000. A 2nd lien bank has outstanding mortgage of $10,000. Is the 2nd bank forced to bid against outside investors in order to protect their lien. Or If I am the successful investor for $100,000 again, would I be forced to payoff the 2nd lien to gain clear title to the property.
Thank for any help?
Example:
Bank is foreclosing on property for $50,000. I bid up to $100,000 and receive the bid. Where does the extra $50,000 go to? I assume the bank receives their money no matter what since they iniated the foreclosure.
Or
Same scenario, but 1st lien bank forecloses for $50,000. A 2nd lien bank has outstanding mortgage of $10,000. Is the 2nd bank forced to bid against outside investors in order to protect their lien. Or If I am the successful investor for $100,000 again, would I be forced to payoff the 2nd lien to gain clear title to the property.
Thank for any help?