There are 1,944 former property owners who are entitled to a share of $16 million in foreclosure surplus funds due them, the Chicago Tribune reported on August 25, 2011. The office of the Cook County Clerk of the Circuit Court still has the sum sitting in an interest-bearing account two years after unveiling a search engine for former property owners to determine if they were entitled to those funds. The Tribune reported that now the office is teaming up with other county and state agencies to increase awareness.
The goal of the Mortgage Foreclosure Surplus Fund Task Force, for instance, is to “encourage residential and commercial property owners who lost their real estate to foreclosure to check on their cases, even if they go back to the late 1990s.” The Tribune noted that if a foreclosed property was “resold at a court-ordered auction for more than the amount due on the mortgage,” state law requires that the original property owner is entitled to receive any surplus amount of more than $100.
While one person is due funds as high as $450,000 on one commercial property, the average surplus is $2,000, according to the Tribune. There is no time limit for when people have to apply for the funds.
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