Foreclosure Fees
Hello everyone, quick short sale question. By the time you get an approved discount from the mortgage holder there can be a good amount of legal fees tied into the foreclosure case. Who is responsible for paying these if there is a preforeclosure sale? I know that the buyer is responsible for paying any over due taxes and utilities. But what about all the fees that are owed to the county and the Law Office that is handling the case?
[ Edited by Talter on Date 06/22/2006 ]
I usually make my offer inclusive of all fees ,taxes ,and etc. It make things much easier .
This is especially important when preparing and submitting the estimated HUD1.... you must anticipate the amounts that will be due by the time you close....
Ok, so does the mortgage holder pay the initial legal fees, and the buyer is responsible for any remaining payoff balance. Or is there usually a large bill for the buyer that covers the foreclosure case start to finish? Thanks for the help
It is my understanding that whenever a short sale is accepted. All the fees and everything else, is including as the payoff.
All of the attorney fees and other fees are considered wiped away.
When the lender accepts a net payoff, that is all you pay pertaining to that loan.
Now if there are other liens attached to the property you have to handle those accordingly.
Usually attorney and legal fees are not attached to the property.