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That's false. If the proceeds of the foreclosure sale exceed the amount of debt and foreclosure costs the homeowner is issued a check for the difference. This m
by reggedtorespond 5y ago
That's false. If the proceeds of the foreclosure sale exceed the amount of debt and foreclosure costs the homeowner is issued a check for the difference. This makes it so banks do not have extra incentive to foreclose on homeowners. This would be a good solution to the problem in this article.
- vannevar 5y agoYes, I'm wrong. Only in REO cases does the bank keep the entire amount. Not sure how common REOs are versus property tax seizures.