Excess Proceeds from Foreclosure

1 Answers. Asked on Mar 07th, 2017 on Residential Real Estate - California
More details to this question:
My mother passed away in July 2016, with no will or trust. She was in default on her home loan. House was sold in foreclosure auction on 3/6/17. Received call same day from legal processing firm that there are excess funds (house sold for more than owed). How should this be handled? I have 4 other siblings. Does the excess funds get distributed to me and my siblings? Is there a time limit on receiving these funds ?
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Answered on Mar 14th, 2017 at 5:58 PM

This is a two step process.

First, you'll have to determine whether a probate proceeding is required.  This will depend on the value of your mother's assets and whether she had real or personal property.

Second, you will have to file a claim with the court for the excess proceeds, either for your mother's estate, or for your mother's heirs if no probate proceeding was required.

Contact an attorney for a full consultation.

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Residential Real Estate
Residential real estate attorneys can assist and advise homeowners at all stages of property ownership, including negotiating, drafting and reviewing purchase agreements; applying for zoning variances; appealing property tax assessments; clearing liens; exploring options to prevent foreclosure; defending homeowners during foreclosure proceedings; and representing homeowners in the event of defect non-disclosure litigation. Residential real estate lawyers can also represent either landlords or renters on lease negotiations, if landlord-tenant disputes occur or in the event of eviction proceedings.
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