Rights of the Mortgagee (Lender)

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Residential Mortgages

Section 38 of 41

Surplus Money ActionThe Scenario: The borrower owes $200,000. At the foreclosure auction, a bidding war starts, and the house sells for $250,000.Who gets the extra $50,000?The Borrower (or junior lien holders). The bank is only entitled to what they are owed. They cannot profit from the foreclosure.