In one county of Arizona, there is $24 million sitting in the Maricopa County's Treasure Office.
I just happened to catch a quick story on one of our local news stations last night about Foreclosures. Many people who have had this unfortunate incident happen, do not realize that once they leave their home, they may have a windfall of cash coming back to them!
Once the bank or investor takes back the property, it may go up for auction. If the homes sells for more than is owed to the bank or investor, those funds are placed into an account for possible distribition to other creditors who can prove they may have a claim to the money. It is up to a judge to determine how best to split the proceeds.
Why Don't The Foreclosed Homeowners Know What Is Happening?
What usually happens is that the foreclosure process causes turmoil to the homeowner and the last thing on their mind is to put a change of address in. Some just want to start fresh while others are just trying to find a new place to live.
Hopefully you never have to go through this process, but those who have may be destitute or just depressed. This is one of the most stressful situations someone can go through.
They may feel that they have lost everything and the last thing on their mind is putting a change of address in from the foreclosed property. This is where the state or county loses track of the homeowner and any additional funds that may be coming their way (the foreclosed homeowner) get caught up in limbo.
You Have To File A Claim
See, you have to file the necessary paperwork to put your claim in for the excess-proceeds. If you do not know that your home has been sold above the money owed on foreclosure, you may lose the opportunity to what is owed to you! For example, in Maricopa County, these excess-proceeds are held for 3 years. This gives you ample time to file a claim.
The two cases that our local Phoenix TV station profiled had large sums of money coming their way. One distressed homeowner is awaiting the outcome of the judge's decision and may get more than $86,000 from the excess-proceeds statute. In another case there is more than $135,000 to be divided amongst potential creditors and the former homeowner.
Check with the appropriate agency in your state to see how these excess-proceeds are handled.
For more information see "Phoenix Area Foreclosed Owners Could Get Thousands" @ Azcentral.com
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