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Jerri

Equity After Foreclosure

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My home was sold at foreclosure auction by Regions Mortgage to Fannie Mae on 7/7/18 for the amount owed on loan which was $93,000, Fannie Mae is now selling it for $185,500. Could I be entitled to any of the equity that is left after fees and charges.  Also, I was under the impression the 2 were in some way both the lender.

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25 minutes ago, Jerri said:

Could I be entitled to any of the equity that is left after fees and charges.

 

No.

 

When a foreclosure occurs, the proceeds of the sale are generally applied to the following items in the following order:

 

1. The costs of the foreclosure and sale.

2. The amount due to the lienholder who conducted the foreclosure.

3. The amount(s) due to any junior lienholders in the order of their liens on the property.

4. Anything leftover goes to the homeowner.

 

In your case, you told us that the home sold at the foreclosure sale "for the amount owed on [the] loan[,] which was $93,000."  I suspect that what actually happened is that no one bid on the property and that the lender essentially "bought" the property with its lien.  Once that happened, your right to anything ceased.  That the lender may subsequently sell the property for a "profit" is immaterial.

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I purchased a home in 1996 for 110,000.00  with  a female girlfriend in the state of Colorado we lived together for two yrs prior to that we lived together for another 2yrs .. We broke up but I am still on the note and the house went into foreclosure in 2018 sold for 150000 note owed was only 50000.  I was never given a chance to purchase it before it went into foreclosure .

Now she says the overage is all hers with no consideration of the 2yrs I put into it . She was not able to purchase the home with out me as co owner  .. Do I have any right to any of that overage ?

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1 hour ago, weston howard said:

I purchased a home in 1996

 

Not sure why you tagged your post onto a thread that has nothing to do with yours.  Please start a new thread.

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