medium · National Real Estate Exam financing
A property is sold at a foreclosure auction for $300,000. After the $250,000 first mortgage and $20,000 in sale costs are paid, $30,000 remains.
Who is generally entitled to these surplus funds?
- Junior lienholders, then the borrower
- The state under the power of escheat
- The high bidder at the auction
- The lender who initiated the foreclosure
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