Mortgage Surplus Money---Really?

Posted by: Carleton Sheets in unclaimed funds, refund, Foreclosure on Aug 28, 2009.

One of my staff members in our Illinois office recently sent me this article from the Chicago Tribune about unclaimed funds---mostly from the 1990s and pre- 2007 housing boom--- that are “sitting” in a mortgage surplus account.

Now, keep in mind when you read the Tribune’s article that the $18 million surplus isn’t a statewide surplus. The millions of dollars from unclaimed profits on foreclosures are just for Cook County, Illinois … home to over 43% of Illinois residents, including Chicago.

Illinois’ foreclosure laws do have provisions for surplus funds involving foreclosures. To paraphrase: If the sale of the foreclosed real estate resulted in a surplus, junior lienholders claims’ would be honored in the order that they were filed; the homeowner is entitled to the rest.

Every state’s laws are different regarding foreclosures, but I urge you to look into yours … especially if a foreclosure was involved and there was equity in the property at the time of foreclosure.

I’m interested if anyone---or someone you’ve heard of---in Illinois or across the U.S. has been successful in recovering any surplus foreclosure funds. Please share your story with me …


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written by maritza marmolejo, August 30, 2010
I need to know who is actually lending money because as a multiple property investor I am having a hard time finding loans to purchase foreclosed property
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INVESTOR & JOINT VENTURE FACILITATOR
written by ollie scott, October 06, 2010
That depends on your exit plans, start with wet funds, and go hard.
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Real Estate Consultant
written by danny michael, April 02, 2011
Is there anyone who knows how to go about recovering the access of funds after the foreclosure prosecess.
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written by jill nabi, September 23, 2011
This is a just unbelievable news. The company is really doing appreciable work in all there fields. What's there current status?

supply chain system
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written by jill nabi, September 23, 2011
that's cool!
supply chain system
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Recovering Funds
written by Marc Webster, January 23, 2012
Basically, a foreclosure is a civil action. Anyone can go down to their local courthouse and obtain a list of people who have unclaimed funds waiting to be claimed because it's public information. A savvy investor could put in the time of contacting these people and charge a fee of 50% (or less) for helping them claim these funds. Protect yourself by Agreeing to reveal the source of funds after a payment agreement has been signed. specific forms are necessary to obtain the funds from the office (available at the courthouse)m act as the middle man (limited power of attorney form signed by the person owed the money) and to complete the process, but all in all it is a viable source of possible investment capital.
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