How do you claim the overage in a foreclosure auction.
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How do you claim the overage in a foreclosure auction.
Got behind in HOA fees. HOA
foreclosed and condo went to
auction. We owed approximately
35000 including all legal fees,
costs and interest. The sale price
was 117,000. I think I am
entitled to the overage. How do I
claim it?
Asked on April 30, 2018 under Real Estate Law, Maryland
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
They should remit or return the excess, if any, to you. If it is not returned to you:
1) First contact whomever conducted the foreclosure auction--in the state where I practice (NJ), that would be the country sheriff--about the situation: they should be able to remit the money to you if it hasn't gone to anyone else; or if they did send it to someone (e.g. the HOA), they tell you where it went.
2) If the money did go to someone it should not have (e.g. the HOA, which is not entilted to the overage), you could sue them for its return.
Bear in mind that the overage may be less than you think: a) if there was a mortgage or other liens on the condo, they would be paid too, out of the auction price; and b) the costs of the auction sale itself are also taken out.
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