Aug
28

Lose Your Chicago Home to Foreclosure? You Might be Owed Money

August 28, 2011

If you are one of the unfortunate ones who lost Chicago real estate to foreclosure, you could have some money coming to you.

Some foreclosed homes in Cook County were sold or auctioned off for more money than what was owed on the mortgage.

home with a sold sign in frontAs a result, city, county and state officials have set up the Mortgage Foreclosure Surplus Fund Task Force, which is filled with $16 million of surplus or equity money that is owed to close to 2,000 families and business owners in Cook County.

When a property is foreclosed upon and sold, the bank that carries the loan sometimes only has that specific property address, so tracking down the former homeowners can become difficult.

“A lot of people just don’t look back,” said Clerk of the Circuit Court Dorothy Brown at a news conference this week. “We know that these are emotional times for individuals when they lose property so we want to ensure they understand when they lose their property they have not lost all of their rights.”

The owed money dates back to the 1990s. The average amount owed to Chicago homeowners is $2,000.

“We know that in these difficult economic times every last dollar counts,” said Mike Simmons, with Mayor Rahm Emanuel’s office. “As families lose their jobs, as people try to find the resources they need to put food on the table, to put their kids through school and put their kids through college, to save for retirement, we need to make sure everybody has every last dollar that’s rightfully theirs.”

To see if you are on the list and owed money, call Brown’s office at (312) 603-5030 or visit services.cookcountryclerkofcourt.org/foreclosure.

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Tracey

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