Foreclosure? You may be entitled extra money

Posted at 3:12 PM, Nov 10, 2015
and last updated 2016-01-06 12:51:57-05

If your home was foreclosed on in the past couple of years, you could be entitled to money made off of the sale of the house.

"They pay off the first loan in full and there's still extra money left over, the extra is called excess proceeds," says attorney Ellen K. Lawson.

That extra money doesn't go to the bank.

It ends up at your county treasurer's office.   

Assuming your other creditors don't have a claim, there could be some cash with your name on it.

Right now the Maricopa County Treasure Office lists 782 names of potential claimants.

"It’s just a little more complicated than just stepping up and asking for the funds," says Lawson.

You have to file a civil claim in superior court.  And prove that no one else--like a HOA or a second mortgage holder--has claim to the money too.

And you only have two years to do it.

"So following a foreclosure, homeowners really need to start that process," says Lawson.

Check the list of Maricopa County excess proceeds here.

Regardless of where you live in Arizona, your county treasurer should have a list of people who may be able to claim excess

Check Pinal County excess proceeds here.

After the two year deadline that money goes to the state's unclaimed property fund so check for your name there as well. 

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