Where does the foreclosure auction proceeding goes?

[Matt James]

I have this question bother me for a while, can somebody explain to me where does all the foreclosure proceeding go? For example, if one won a bid through a county auction for a traditional mortgage foreclosure. Say the winning bid is 300K and this person paid the full 300K plus all the fee/tax to the county clerk office. If the final judgement for the bank is 200K, I assume the bank as first mortgage will only get the 200k. If no other party claims the lien, then where does the extra 100K go, to the bank or to the county? If after the auction, the HOA claims that there is also a 10K debt to the HOA, can they go after the surplus 100K paid at the auction or they have to go after the new owner/auction winner? Thanks

[Chris Seveney]

@Matt James

Goes to the owner of the property - a foreclosure sale is just that - a sale. And their are orders of priority for lien holders.

If $200k was owed to bank they get their money, any subsequent lien holders get theirs then if there is money left over it goes to the homeowner.