Illinois Real Estate Law Blog

Wednesday, August 26, 2009

Refund of Surplus Money from Foreclosures!

Yesterday the Cook County Circuit Clerk announced that Cook County is holding $18 million dollars in mortgage surplus money. This money has accumulated as a result of profits made when foreclosed homes were sold by the lender who owned them. Approximately 1900 people who were foreclosed, most of whom are probably not aware of it, own this surplus money.

Unfortunately, most of the money is for people who were foreclosed in the early 1990s, up to about 2006 or 2007. Homes foreclosed in the last few years were typically not sold for a profit by the banks, and many remain unsold.

When banks made a profit on foreclosed homes in Cook County, they turned over the money to the Cook County Clerk. While the clerk's office does not track down people whom profits are owed to, it does hold the unclaimed monies for their benefit. When a person makes a successful claim for their money from the clerk's office, they receive not only the profit from the sale, but also any interest earned on those profits.

If you want to see if you qualify for a refund as a result of your foreclosure, call the clerk's office at 312-603-5030, or visit them online here. The clerk's office claims that $1.3 million has already been claimed, and if you are listed as a homeowner who gets a refund, you can get free help from the advice desk connected to the county's foreclosure court.


Jack C said...

I was told that the federal government is refunding $2,000 to any home owner that was forclosed on in the past couple years. Have you heard of any government payback like this?


Naheed Amdani said...

Hi Jack,

Recently there have been a couple of settlements with large banks, which could result in payments to people who lost their homes to foreclosure in recent years. Just last week there was a $25 billion national settlement, which may benefit you. I will be writing about it soon on my blog. The funds are not available yet though.

Additionally, in December I posted about the Countrywide settlement (if you scroll down to December you will see the post). You could have some money coming to you if you qualify there.

If you need assistance, please do not hesitate to call.