Legal Question in Real Estate Law in Indiana
I am in the asset recovery business. My question is when a property is foreclosed on in Indiana by the lender to be sold at auction by the county sheriff what happens if the if the winning bid is greater than the judgment creating a mortgage overbid? What happens to the overbid proceeds and who is responsible for maintaining those proceeds?
Asked on 12/17/13, 11:27 am
2 Answer from Attorneys
Jay Rigdon
Rockhill Pinnick LLP
The sheriff pays any other lien holders, and if there is still money left, to the clerk for payment to the owners/debtors.
Answered on 12/17/13, 1:44 pm
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