 |
Lost to Foreclosure |
| |
 |
My property is being auctioned off to the highest bidder. Do I get to keep funds over and above the money I owe the bank. Or, who gets all the money? |
| |
| |
 |
The proceeds of the auction will be used to pay off the mortage debt being foreclosed, late payment charges, possibly any overdue property taxes and the legal expenses of the proceeding. Anything left after that would probably belong to you, though I can't be absolutely sure, not knowing the status of any other liens. You might even be taxed for a capital gain because the IRS looks on a foreclosure as if you'd sold the property for that amount. |
| |
|
Edith
Originally published on October 20, 2007 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
