My home has just been sold in a foclosure auction above the amount of the original loan, do I get money?

The original loan was for $400,000 and the house sold for $500,000, after the bank gets their money would I receive the difference? Also the alleged new owner keeps harassing me to leave, I haven't received anything from the bank of who purchased the home or any names. What are my rights?

Not all foreclosures have a right of redemption period. This depends on what state you live in, what type of deed was foreclosed and how it was foreclosed.

Typically in Deed of Trust states (WA, CA, Nevada, etc.) when the lender forecloses non-judicially (Notice of Trustee's Sale), there is no right of redemption. Typically there is a right of redemption period if foreclosed judicially, but again, this depends on your state's foreclosure laws.

You can follow this link to see what foreclosure methods are used in your state http://www.forecloseddreams.com/state_by_state_foreclosure_guide

Secondly, any surplus from the sale would be paid to any junior lien holders first and any unpaid property taxes and legal fees.

If there are any surplus funds remaining after that, you would be entitled to them. In some states, you must file a form from Superior Court to claim them. (Good read about a NJ man that exploited foreclosure victims out of their surplus funds for charging & then filing this simple form for them) http://www.consumeraffairs.com/news04/2007/08/nj_foreclosure.html

Mosts states allow the bank to serve you with a 3 day vacate order to occupants that were previously in title. A tenant would be afforded a 30 day notice. You may or may not be offered "Cash For Keys" if you agree to vacate per the notice and leave the home in good, clean condition.

Best to error on the side of caution and start packing & moving items now, if it is going to take more than 3 days for you to move and vacate.

Actually, he is wrong, the house is technically still yours until the redemption period is up. Check your local laws governing foreclosure since each state is different.

The bank goes to the sale and has an automatic bid for the amount of the mortgage plus fees and interest that has accrued up to the point of sale. If the house sells for more than that amount you are entitled to the difference. I would recommend talking to a RE attorney if the bank gives you any trouble.

Oh, the second half of your question, like I said the house is still yours until the redemption is up. Some states have very little or no redemption period (check local laws). If you do have to move you can force them to evict if you wish or just ask for reasonable time to move.

Good Luck

In UK you get 'repossessed' (rather than 'foreclosed') so I guess this shoud be in US forum ..

In UK, when a repossessed property is sold above the outstanding loan & charges, you do indeed get the 'extra' returned to you ...

.. however the downside in UK is that if the property sells for LESS than the outstanding loan+charges, you OWE the balance to the Mortgage Co. .. and they can make you bankrupt over it...

you won't get anything.If you have defaulted on your mortgage,and a foreclosure sale has been done, you forfeit any extra money to the bank.You should leave before they throw you out.The owner is no longer you.

Yes, the redemption period is true. And yes, you can get the difference. Contact an attorney