Mortgage Surplus Fund Reported in Cook County

Did you know that you could regain some money from the sale of your foreclosed home? While it is not a certainty, it can happen when a home is sold for more than what was owed to the bank. This came as news to many former homeowners in Cook County, Illinois who could recuperate funds from a mortgage foreclosure surplus fund worth $16 million.

These foreclosures, which date back to the 1990s, affect nearly 2,000 former property owners. The state government believes that each homeowner could receive an average of $2,000 in returns. Initial reports show that the range of payments owed to individuals and business owners runs from 13 cents to $460,000. The account is maintained by the Clerk of the Circuit Court, which has been trying to alert these homeowners about their uncollected monies.

Is your home in danger of foreclosure? If so, you may have options at your disposal to halt the foreclosure process. In order to learn more, contact a Chicago foreclosure lawyer from our legal team now.