If you've recently lost property through foreclosure, it's normal to have questions. Below are answers to the ones I hear most often.
⬇ Before you read the FAQs, scroll down and watch the short 45-second video.
In less than a minute I'll explain the three biggest mistakes Illinois homeowners make after a foreclosure and what you should know before signing anything.
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The Biggest Mistakes People Make Before Claiming Surplus Funds
Is foreclosure surplus money real?
Yes. If a property sells for more than the debt, court costs and other valid claims, surplus funds may be available to the person legally entitled to receive them.
Do I have to pay anything upfront?
No. My office handles these matters on a contingency basis. If no recovery is made, there is no attorney fee.
Why am I receiving so many phone calls and letters?
Foreclosure records are public. Companies monitor those records and contact former homeowners. Before signing anything, understand exactly who will be handling your legal matter.
Can I recover the money myself?
In some situations you may be able to pursue a claim yourself. Many people choose legal representation because court procedures, ownership issues, heirs and liens can complicate the process.
What if the owner has passed away?
Surplus funds may still be recoverable, but additional documentation relating to heirs or an estate may be required.
Will I have to go to court?
Many clients do not personally appear, but each case is different and requirements vary by county and circumstances.
How long does the process take?
Every county moves at its own pace. Timing depends on court schedules, title issues, notices, and whether additional documents are needed.
What counties do you handle?
Cook, DuPage, Lake, Will, Kane, McHenry and other Illinois counties, depending upon the circumstances.
One Piece of Advice
If you've already been contacted by several surplus companies, don't feel pressured to make an immediate decision. Take the time to understand your options and ask questions before signing any agreement.
Didn't Find Your Answer?
Every foreclosure situation is unique. I'd be happy to review your circumstances and answer your questions personally.