Your home can be an asset but we all know sometimes life throws a curveball. It can be the loss of a job, medical bills, a decision which doesn’t go your way or sometimes just plain bad luck. Before you know it you’ve lost your home to foreclosure.

What happens if you lose your home to foreclosure? Well it all depends on the state in which you live. For instance if you live in Illinois and have a mortgage foreclosure (not lack of paying taxes) most likely your home will go to a foreclosure auction. If the property is sold at auction for more than what you owed there may be what is called surplus funds. As the previous owner those surplus funds should go to you (less liens, second mortgage, home equity loan, attorney fees, etc…). But wait a minute I can hear you saying. Why have I never heard of that and shouldn’t someone have told me about these surplus funds? The short answer is a letter was most likely sent to your previous address by the county and because you were no longer living at that address, you didn’t receive it. So how can you see if money is owed to you today? Just give us a ring or use our contact form further up on this page.