Colli Real Estate

Where does the money after the foreclosure?

I know someone who is in foreclosures. When auction at home. Where does the money go? Especially in Utah. What I want is someone who knows. I was told that all the money that runs the company that is closed and nobody has any. They also told me that this has to be distribured all leinholders until the money is gone. I can not get a clear answer. Does anyone know?

Larry is correct on this point. It is very unusual for a house in a foreclosure situation is something else. The average loan is usually late and a lot of late fees, attorney fees … and Maybe a privilege or two deputies. If the house is auctioned, usually sell well below market and purchased as an investment (by people who have that kind of cash and credit there).

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