Legal Question in Real Estate Law in California
Overage
My question is this. I got behind in payments on my condo and attempted to make the regular payments and a overage of $30 towards the H.O.A. dues. The payments where received and accepted but the trust for the associations still foreclosed on the property. I quitclaimed the property to a trust, which had the bankruptcy dismissed.
My question is this. Can I as the initial barrower and debtor, claim the overage from the trust sale of the property?
3 Answers from Attorneys
Re: Overage
If your question is whether you're entitled to the proceeds of the sale over and above what the foreclosing parties are entitled to, then the answer is generally yes. They're entitled to sale and attorney fees on top of the interest and debt, but once all costs are paid, you'd likely get the rest. It's difficult to say for sure without knowing more--the bankruptcy was not followed through?
Re: Overage
There is a pecking order for applying or distributing the proceeds of a trustee's foreclosure sale, and the trustor (borrower) is down the list somewhere near the bottom. Your question covers a lot of ground (i.e., an otherwise-unexplained bankruptcy) with very few particulars given, so I can't be more specific.
Re: Overage
You should have a right to the overage. Was the sale done properly. If it was not done properly, you could set aside the sale.
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