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Life after foreclosure does exist, and there may even be an opportunity to get some money back into your pocket. While not available in all cases, a homeowner that has equity in their house at the time of foreclosure, meaning they owe less than the house is worth, is entitled to the Excess Proceeds of Sale under Arizona law.
There are several steps before those excess funds can be retrieved by the homeowner. When a homeowner loses a home to Trustee’s Sale and that homeowner had equity in the property; anyone with a recorded interest in the property (lien holders, attorneys, etc) has the right to make a claim for monies owed. For example, if a home was foreclosed and the homeowner owes $100,000 and the fair market value of the home at the time of foreclosure was $200,000; there is $100,000 remaining. The remaining amount must then be distributed to the fees for foreclosure and any junior liens on the property. Once those distributions have been made, the remaining excess proceeds belong to the homeowner that was foreclosed. The remaining funds equal to or exceeding $50 will be turned over to the county treasurer where the property was located and must be claimed by a court action.
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