Excess From Foreclosure?

What happens when a house is sold and you have more than one mortgage?

QUESTION: A listener says his house was foreclosed on and sold for more than the first mortgage.  Will the remainder go toward the second mortgage?

ANSWER: If the house brings more than the first mortgage, the money goes toward the second mortgage.  If it brings more than the first and second mortgage it goes toward the third mortgage (if there is one).  If there’s not a third mortgage, the money comes to you.

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