NJ Surplus Amount At Auction
Hi. A recent post has got me a bit concerned. Is it a fact in NJ at the conclusion of a Trustee Sale/Auction that any surplus from the sale would go to the distressed owner of the property? If this is the case, what would be the motivation behind them selling the house for a deep discount other than avoiding the blemish of foreclosure on their credit. Not to mention, as I understand it, the owner would get his/her second mortgage/other outstanding liens discharged due to the investor buying the property! Please let me know if I am missing something here. As many of you know, the RE market is still pretty hot in NJ...Thanks.
You are correct any surplus can go to the former owner. That is why banks wont short sale without convincing them that at auction they won't get what they are owed.
Wow, thank you SHORTSALEPRO...that pretty much hit it right on the head!...THANKS AGAIN!