mortgage and tax lien foreclosures overages.

[Rich Hupper]

Does anyone know what happens to the money that comes from the difference between the balance on the lien being foreclosed and the highest bid at the auction? Is that money given to the homeowner? If so how do they redeem it? It seems like many cities and banks would have a hard time finding a forwarding address for this money since they just foreclosed on the home of the person entitled to it and that person has likely already abandoned the property. 

If the lien holder does not send the owner the money are they allowed to keep it?

Thanks