Remember Ameriquest - Do they owe me money?

[chicagoannie]

While preparing for my Ch 7, I found some old papers. Several years ago (when I should have filed!) I had a home loan from Ameriquest go into foreclosure. The tax statement from the lender I am looking at says loan amount at time of abandondment/foreclosure was $292,000, Current Market Value at time of foreclosure/abandonment = $340,000, and I know from public records the house sold for $369,500.

Now, I left that house in spotless, immaculate condition; there was no damage whatsover. I got Cash for Keys ($2K) At the time I figured the lender was out the real estate agent's commission, the tax bill (around $8000) and maybe other misc. expenses, but it does seem to me that they must have made some money on the $67,500 difference between the loan balance and the sale price.

Anyone have any insight? Tks!

[despritfreya]

1. Ameriquest is long gone.

2. If there were excess proceeds from the foreclosure sale then you need to check with the Clerk of the Court. Those funds normally would have been turned over to the Court for further distribution. Any junior liens or property taxes would have been paid before any funds would be returned to the borrower.

3. If the property was foreclosed and the lender took it back and then sold it after the foreclosure, on the open market, you get nothing. Such a sale is a bonafide sale between two parties and the seller keeps the profits.

Hope that made sense.

Des.

[chicagoannie]

The house did not sell at the Sheriff's sale. The lender then sold it 5 weeks later, and your succinct explanation makes perfect sense - thanks, Des!

[chicagoannie]

Just a sad little tidbit - the people who bought that home for $369K....ended up in foreclosure 2 years later. When the house finally sold after they were out, the house went for $279K. I kept watching the price drop, thinking to myself "if it gets low enough I could buy back the house I built!"