In Ohio, after a foreclosure sale, if the sale price exceeds the total debt owed (including principal, interest, costs, and fees), the surplus funds are:
Correct Answer
D) Distributed to junior lienholders and then to the former borrower if any surplus remains
Under Ohio law, if a foreclosure sale generates proceeds exceeding the debt owed to the foreclosing lender, the surplus is distributed to junior lienholders in order of their priority. If any surplus remains after satisfying all liens, it is paid to the former borrower.
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Related Topics & Key Terms
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Related Concepts
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
More Oh Financing Closing Questions
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