If you had your home foreclosed and there was money left over, how do you get the mortgage surplus funds ?
First let me state, I am an attorney in New York. These rules apply to New York State only. If the property is in another state, you need to speak with an attorney from that state.
Lets say there was a mortgage on the property for $100,00. Because of family fighting or loss of a job, that property goes into foreclosure. The house is sold at auction for $300,000. The mortgagor bank gets its $100,000 but who keeps the extra $200,000. The answer is the former owner. However, so many owners leave that money with the state because they don’t know what to do.
There is no reason that a person who has lost there home should also lose additional money simply because the process is complicated. If you have mortgage surplus monies that you need to collect, please contact me and I will see if I can help.
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