Legal Question in Real Estate Law in California

if a house goes to forecloser and owner had taken 1000,000 loan before and the house get taken by a bank the house get put for sale and their is equity in the house can the former get that equity ?


Asked on 1/12/11, 12:02 pm

2 Answers from Attorneys

Bryan Whipple Bryan R. R. Whipple, Attorney at Law

If there is equity in a property that is foreclosed, in other words, if the foreclosure produces cash in excess of the liens, liabilities and expenses of sale, that equity will be paid to the former owner.

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Answered on 1/17/11, 12:36 pm
Anthony Roach Law Office of Anthony A. Roach

It depends on whether the bank purchased the property at the trustee's sale with a full credit bid, or was purchased by a third party with a bid that exceeded the amount of the indebtedness.

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Answered on 1/19/11, 1:42 pm


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