How do you recoup overages a foreclosure that sold for more than was foreclosed

[lifehouse]

Hi, I was told that there was a way, (I’m not sure how)
that if the property went into foreclosure for lets say
$110,000 and was later sold by the bank for $150,000
the overages can be recouped by the person who lost the house
to foreclosure.
So the $40k minus whatever the bank took out for up keep of property etc…

can anyone out there shed some knowledge on this?

Thank u

Kame :banghead

[yrush2000]

I have heard back in the days before the boom banks were saving millions from these judgements, but today very few properties will sell for above its loan amount.

I am sure the banks have a dept to handle it, and chances are the loss mitigation dept can help. They are legally obiligated to pay you the difference.