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March 2016 Archives

Surplus Funds

One sign of a stronger housing market reaching condominium and homeowner associations is showing up in foreclosure sales. Far more often than has happened in the previous seven to eight years, condos and homes are being sold for more than what's owed on the mortgage, which makes the mortgage lender whole, and leaves a surplus for other potential creditors.Associations who record liens early in a delinquency are more likely to have priority over those surplus funds than other creditors, or the foreclosed owner.