Houston, TX asked in Contracts and Real Estate Law for Texas

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.

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3 Lawyer Answers
Bruce Alexander Minnick
Bruce Alexander Minnick
Answered

A: A "short sale" by definition (usually) does not produce any "excess proceeds" after the sale.

Anthony M. Avery agrees with this answer

Vincent Gallo
Vincent Gallo
Answered

A: A true short sale typically brings. Borrower to zero, with no money due and no money received.

Anthony M. Avery
Anthony M. Avery
PREMIUM
Answered

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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