I have been contacted by the agent for the trustee in a California foreclosure regarding a small surplus from the foreclosure sale. There is no dispute that I am entitled to the funds. The agent for the trustee wants to keep half of the surplus as a fee for their notifying me of the surplus and process my claim. Is the fee permissible? excessive? Am I obligated to pay this fee just to get what is mine?
Answer
It's against the law. See California Civil Code section 2945.4, subdivision (h). The trustee has already been paid by the lender to conduct the trustee's sale, and must follow the guidelines of the law when dealing with surplus funds.
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