Mar 16, 2009 #1 M mdlee337 New member Joined Mar 16, 2009 Messages 1 Reaction score 0 Points 1 If a lender in the 1st position foreclosed on a home, do they need to pay the excess proceeds (home was sold for more than the 1st loan) to the previous owner and 2nd position holders? Is there any laws on this?
If a lender in the 1st position foreclosed on a home, do they need to pay the excess proceeds (home was sold for more than the 1st loan) to the previous owner and 2nd position holders? Is there any laws on this?