County Looking for Homeowners to Claim Foreclosure Money

By Chuck Sudo in News on Aug 26, 2011 2:16PM

Cook County Circuit Court Clerk Dorothy Brown is trying to get the word out about a mortgage foreclosure surplus fund maintained by Cook County.

When a foreclosed property sells for more than what the owner owed the bank, that surplus is sent to the fund, waiting for the owner to claim it. Brown said the surplus fund now holds $16 million, money the cash-strapped county government cannot touch because it belongs to the homeowners.

Brown said her office has been trying to publicize the fund's existence for more than two years. Since we're only hearing about it now we know how successful those efforts have been. County Assessor Joe Berrios reached out to Brown about finding the rightful owners of the surplus funds. Other county departments are also pitching in and State Treasurer Dan Rutherford's office is pledging assistance.