§3712 Disposition of sale proceeds

Summary

Money from a foreclosure sale must be spent in a set order. First pay the foreclosure costs covered by section 3711; next pay tax liens or assessments that have priority over the mortgage; then pay any liens recorded before the mortgage that the sale notice says must be paid; next cover service charges and any advances for taxes, assessments, or property insurance; then pay interest; then pay the mortgage principal (including costs to protect or repair the property if the mortgage allows, and any interest on those costs); and last pay late charges.