Mar
26

Cook County Foreclosure Victims Could be Owed Money

March 26, 2012

If you are a former metro Chicago real estate owner who lost your home to foreclosure, the county might have money for you. And now there’s an easier way to find out.

Sitting in a Cook County interest-bearing fund is about $16 million that belongs to home and business owners who lost their properties to foreclosure.

nest with a note in it that says, iouFrom where did the money come? Sometimes when a homeowner is foreclosed upon and his house sold, the final sale price is more than the amount owed on the house. That surplus money is to be returned to the original property owner. But without a forwarding address, some residents can be difficult to find.

Honestly, I don’t know why anyone who could get more in the sale of their home than they owe on the mortgage wouldn’t try to sell his house before being foreclosed upon, but in this market, I suppose it’s easier said than done.

About 2,000 Cook County property owners are owed refunds dating back to the ’90s. Amounts range from 13 cents to $460,000, but the average return is $2,000.

The county has struggled getting the word out, but now Clerk of the Circuit Court Dorothy Brown has unveiled a new website to help.

The Mortgage Foreclosure Surplus Search allows Cook County foreclosure victims to see if they are owed surplus funds.

Visit CookCountyClerkofCourt.org and enter your last name and first initial and the site will search for you.

And, those facing foreclosure right now, stay in touch with the clerk’s office. Once your home is sold, you just might be owed money.

About The Author

Tracey

Read All Stories By Tracey

Leave a Comment

Copyright © 2008-2017 mRELEVANCE, LLC | Chicago Real Estate News | Chicagoland Real Estate Forum. All rights reserved. Thank you for visiting Chicago Real Estate News Chicagoland Real Estate Forum, Real Estate Listings and Information Provided by MLC Realty, Inc.
Internet Marketing by Marketing RELEVANCE

Equal Housing Opportunity

1819 W Grand Ave | Chicago, IL 60622