Q: Mortgage Company allowed me to do a short sale. Who keeps excess proceeds from the short sale lender or borrower?
Also is it against the law to have the buyer payoff mortgage BPO Price ? And the excess proceeds be given to me by check from buyer ?
I'd like to have some money after being left homeless by Mortgage Company.
A: A "short sale" by definition (usually) does not produce any "excess proceeds" after the sale.
Anthony M. Avery agrees with this answer
A: A true short sale typically brings. Borrower to zero, with no money due and no money received.
A: The usual only benefit is that the borrower is not foreclosed upon. Sometimes the borrower might escape being sued upon the note deficiency.
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