When your property is foreclosed on, banks or the county can sell it to receive the money you need to pay them. You may have fallen behind on your mortgage or property taxes. You may owe the bank several payments or the county several years of property taxes.They can recover the money you owe them, but they do not have a right to your money.

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You may build equity when you own your property for a considerable time. In addition, the value of the property may have appreciated. All of these funds may belong to you.

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The bank or county will usually sell the property at a foreclosure auction. Once they receive the money, they will deduct the leftover amount on the mortgage and or property taxes, along with fees and penalties you may owe (these fees cannot be punitive or excessive).

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The counties and the banks may receive more money than you owe, and these funds become surplus money, that you have a right to receive.