My question involves real estate located in the State of: Arkansas
I am Mom's POA. Mom took out a mortgage on her home and 1 year later QCD a remainderman interest in the property to another family member and retained a life estate for herself. The property has been foreclosed and there are excess proceeds. As I understand it AR code 18-50-109. Disposition of proceeds of sale states.
The surplus, if any, to the grantor of the trust deed or to the successor in interest of the grantor entitled to the surplus.
My question is, since the trust deed predated the QCD creating the life estate and remainderman and that trust deed is what was foeclosed on, who gets the surplus? Are the remainderman's interest extingushed by the forecloser?
Thanks
I am Mom's POA. Mom took out a mortgage on her home and 1 year later QCD a remainderman interest in the property to another family member and retained a life estate for herself. The property has been foreclosed and there are excess proceeds. As I understand it AR code 18-50-109. Disposition of proceeds of sale states.
The surplus, if any, to the grantor of the trust deed or to the successor in interest of the grantor entitled to the surplus.
My question is, since the trust deed predated the QCD creating the life estate and remainderman and that trust deed is what was foeclosed on, who gets the surplus? Are the remainderman's interest extingushed by the forecloser?
Thanks
Life Estates: Remainderman Interest in Foreclosure
Aucun commentaire:
Enregistrer un commentaire