Any Real Estate Books On Excess Proceeds?
I have been purchsing foreclosures at auction for the last 3 years, and I would like to learn how the business of excess proceeds work. Does anybody know of any good books, or where I can learn how this is done? Last year I purchased 70 homes at auction and I know I could made thousands more if I just knew how this business works. Thanks in advance.
At one point lenders had to refund excess proceeds after all lien were satisfied to the homeowner. But legislation years ago now allows the 1st lienholder to keep excess funds. The only way to find out the true amount owed on the foreclosure is to get in touch with the homeowner.
Even though the lienholder keeps the access funds, doesn't the homeowner still have the right to claim the excess funds from the lender by talking to the lender or getting a lawyer?
I'm unaware of the lienholder keeping the excess proceeds. It's certainly not the case in my state or the other states where I've bought foreclosures.
The order of distribution is by first paying the foreclosing lienholder., If there are surplus funds left over it goes the the next in line, and so forth until the funds are exhausted.. Where I hve been a
lienholder, I have been notifed by the tTrusttee to make a claim and provide documentation for the claim.
Sammy is right. However in order for the funds to be disbursed to additional lienholders, they usually need to be present at the disbursement hearing to claim their interest. In the case of a senior lienhold forclosing, and extinguishing a junior lien - the junior lienholder would have to be present to maintain their interest at the hearing. If not, their interest would be forefeited and the homeowner would get all of the remaining funds (unless there were even more lienholders showing an interest).
Good luck on finding books regarding this...... 8-)
I do Surplus Funds deals here in FL
I love it at auction when the Investors over bid the FJ by so much and I can sign up the Owner in Default for my fee.
My attorney loves making big $$ on filing 2 docs with the courts
dsREI, Exactly how does your post help me? I asked if there were ANY GOOD BOOKS on this subject. If you are in florida you are not the BEST in the business, so unless you have helpfull information in your posts, than don't.
I asked a simple question.