If you owned a house and lost it to the bank and it sells for more than was owed, are you entitled to any?

Question

My exhusband and I bought a house together and both names were on the deed, but only his on the loan. He let it go back and it has sold for $5500.00 more than was owed on it. He claims he is entitled to the $5500.00. Is this true?

Answer 1

If The home was sold before the redemption period was up which is six months after sheriffs sale in most states, And there was still equity left after paying REALTORS,Attorneys,Back Taxes,Property preservation company,Utilities and late fees and penalties Then the remaining balance would go to Your husband but unfortunately $5,500.00 does not go far and would not pay for 1/4 of the things I just mentioned

Answer 2

If the property was sold at the sale or auction and the winning bid was in excess of the loan amount and all foreclosure fees and other fees the mortgage company had to pay out to collect the balance due on the loan, what ever is in excess belongs to the person that was in foreclosure.

Now since your husband's name was the only one on the mortgage, guess who will get a check made out in his name?

Now if you think you are entitled to anything you should look at the divorce decree and see if you were entitled to any portion of the house if it was sold and if so how much.

If not then you will have to see if he is willing to give you something from the proceeds.

If not and you still think you are owed something there is always judge Joe Brown, Gregg Mathias, Judge Judy or the closets small claims court in your city.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

No, you have no rights to it.

The key thing here is that your husband didn't own the house. The bank owned the house. Your husband was making payments on it, so that he could own it after 30 years, but apparently stopped making these payments, thus forfeiting his right to own it later.

The bank is entitled to make as much money on it as possible, in particular, as it will cost them a significant amount to process the repossession and subsequent sale of the property.

Answer 4

If the property was foreclosed on a trust deed foreclosure rather than a judicial foreclosure both your and his rights were extinguished by the foreclosure and the bank is entitled to retain any proceeds of sale.

Answer 5

No. If you lost it to the bank, that means the bank is the new owner. You are not entitled to anything, as you did not own the house when it was sold. The bank did.

Answer 6

Don't forget the attorney fees etc the bank has incurred. They will also have to pay for some of the closing cost and fees when the new buyers close. I am sure the loses are far more than $5,500.

Answer 7

no you are entitled to half of the profit as you wre on the deeds so that say you owned half it doesn't matter that only his name was on the loan its the assets that matter i think you should find a good solicitor but you need to be aware that they can cost alot to it depends if you want to forget you was married to him or fight him for what you are intitled to personally i would walk away with my head high and not scoop to his level because money isn't the answer to hapiness

Answer 8

If you were talking abuot $50K it would be worth pursuing.

However the bank is entitled to penalties, interest and reasonalbe costs associated with selling.

They probably had to pay a REALTOR and the title fees, escrow, etc.

Don't expect to see a dime.

Answer 9

That money goes to the bank. You both lost the house.

Answer 10

no.
Once the house has been repossesed, the bank owns it and any profit they make from it.