Our house was foreclosed and went to auction. It was sold on 5/2/2013 for about $45K more than what we owed. I have been in contact with Trustee Corps who is the company that foreclosed on us. My question is do they have a certain timeframe to give us the necessary information to claim the funds? Or to give us a break down of the fees, etc that will be taken out of the surplus funds? I am having so much trouble getting this information from them.
3 Answers from Attorneys
Civil Code section 2924k lists how the proceeds of the trustee's sale are distributed. If their were junior liens and encumbrances, the money would go there first.
Written notice is supposed to be given by the trustee within 30 days of execution of the trustee's deed when there are proceeds remaining. That notice is to go to all persons with recorded interest in the property that was foreclosed, pursuant to Civil Code section 2924j, unless an interpleader action is filed.
As Mr. Roach points out, the law applicable to foreclosure sales is part of the Civil Code, and sections 2924j and 2924k contain the most closely-applicable provisions. However, "30 days from execution of the trustee's deed to giving written notice" is not really an answer to when do you get your money. There is a possibility here that you may need to take more aggressive action to insure that your ability to claim and collect the proceeds due you don't go unclaimed for want of some action on your part or, perhaps more likely, that some other claimant has stepped ahead of you in line. I recommend that you take your entire file of documentation to a real estate lawyer in your county....for a small fee, you may then be able to discover whether you need to take some action in order to be paid off, whether there is another claim on the sale proceeds, or whether the trustee is just dawdling.
My point was that you should have received notice from the trustee as to the various claims and how much money was left.