Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

County hunting down foreclosed-upon homeowners to return $16 million

$16 million up for grabs

As anyone practicing real estate knows, when a home is being foreclosed upon seeks to recoup what’s left an a mortgage, but sometimes winning auction bids are higher than the remaining value of the mortgage and those additional funds go to the former owner.

Many homeowners simply walk away and don’t know this to be how it works, so two years ago, Cook County in Illinois (home of Chicago) created a search engine for former property owners dating back to the 1990s to look up if they are entitled to any of the 19 million unclaimed dollars, with the average amount owed to foreclosed-upon homeowners is $2,000.

The database for just Cook County comprises of over 2,000 former property owners, most of whom have still not claimed any of their funds, leaving $16 million surplus to date, earning interest for the County.

One owner hasn’t claimed a $450,000 surplus

In one case, a commercial property owner has a whopping $450,000 surplus just waiting to be claimed. According to the Chicago Tribune, the county assessor’s office says it contacted one homeowner with a $200,000 surplus but never heard back.

Advertisement. Scroll to continue reading.

“This money is not ours,” Cook County Assessor Joseph Berrios tells the Chicago Tribune. “It belongs to the taxpayers.”

No time limit on claiming funds

There is no time limit former homeowners are held to regarding claiming surplus funds, and the County is actively seeking more ways to reach former homeowners from the kiosk that will be installed outside of the Cook County Assessor’s office to potential flyers in utility bills.

“We need to find better ways, more effective ways, to get the word out,” said Dorothy Brown, circuit court clerk.

Advertisement. Scroll to continue reading.

Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

29 Comments

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Real Estate Technology

(TECH NEWS) It turns out that Internet of Things, like smart bulbs in homes, are not secure and give up your info - here...

Real Estate Marketing

(MARKETING) Your fancy, self-animating website might be making people violently ill, even if it is insanely beautiful. Sorry...

Real Estate Marketing

(MARKETING) Conduit is a CRM that does more than CRM, it analyzes your networking data to help you see how to improve your relationships.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.