Surplus Funds 101
Clear, honest answers to the questions Illinois homeowners ask us most.
When a home is foreclosed on and sold at a sheriff's or judicial sale, the sale sometimes brings in more money than the homeowner actually owed. After the mortgage balance, back taxes, and allowable fees are paid, any money left over is the surplus — also called overage or excess proceeds.
Here's the part many people don't realize: that surplus legally belongs to the former homeowner (or their heirs) — not the lender, not the bank, and not the buyer at auction. In Illinois, the surplus is typically held by the court that handled the foreclosure. If no one claims it, it can eventually be transferred to the Illinois State Treasurer's unclaimed property program.
The problem is that no one is strongly incentivized to track you down and hand you the money. Notices get missed, people move, and families lose track after a loved one passes away. As a result, millions of dollars in surplus funds go unclaimed — money that rightfully belongs to ordinary people.
If that sounds like it could be you or your family, the next step is simply to have the records checked.
FAQ
It's the money left over when a foreclosed property sells at auction for more than the total debt owed — the mortgage balance, taxes, and fees. Under Illinois law, that surplus belongs to the former homeowner or their heirs, not the bank.
You may be owed funds if you lost a property to foreclosure in Illinois and it sold for more than you owed — or if you're the heir of someone who did. The only way to know for sure is to review the foreclosure sale and court records, which we do for you at no cost.
Surplus funds are completely real and legitimate — but the industry does attract bad actors, so it's smart to be cautious. Protect yourself with three rules: never pay upfront, always get the fee in writing, and know that you can pursue the funds yourself for little or no cost. We follow all three: no upfront fee, a written agreement before you commit, and an honest explanation of your options.
It depends on the county and the complexity of your case. Straightforward claims can resolve in a few months. Cases involving heirs, multiple lienholders, or funds already transferred to the State Treasurer take longer. We'll give you a realistic timeline up front.
Nothing upfront. We work on contingency: our fee of 20–30% of the recovered surplus is only paid if and when we successfully recover your funds, and it never exceeds the maximum allowed under Illinois law. For funds already held by the Illinois State Treasurer's unclaimed property program, recovery fees are capped at 10% by state law, and we honor that cap.
Yes — you have every right to. You can pursue surplus funds on your own through the court or the Illinois State Treasurer at little or no cost. Most clients hire us because the research, paperwork, deadlines, and persistent follow-up are time-consuming and easy to get wrong. But the choice is always yours, and we'll never pressure you.
A free records review takes the guesswork out of it.
