Yesterday the Cook County Circuit Clerk announced that Cook County is holding $18 million dollars in mortgage surplus money. This money has accumulated as a result of profits made when foreclosed homes were sold by the lender who owned them. Approximately 1900 people who were foreclosed, most of whom are probably not aware of it, own this surplus money.
Unfortunately, most of the money is for people who were foreclosed in the early 1990s, up to about 2006 or 2007. Homes foreclosed in the last few years were typically not sold for a profit by the banks, and many remain unsold.
When banks made a profit on foreclosed homes in Cook County, they turned over the money to the Cook County Clerk. While the clerk's office does not track down people whom profits are owed to, it does hold the unclaimed monies for their benefit. When a person makes a successful claim for their money from the clerk's office, they receive not only the profit from the sale, but also any interest earned on those profits.
If you want to see if you qualify for a refund as a result of your foreclosure, call the clerk's office at 312-603-5030, or visit them online here. The clerk's office claims that $1.3 million has already been claimed, and if you are listed as a homeowner who gets a refund, you can get free help from the advice desk connected to the county's foreclosure court.
Wednesday, August 26, 2009
Tuesday, August 18, 2009
New Cook County Notary Rules Effective June 2009
Effective June 1, 2009, notary requirements relative to the transfer of 1-4 unit residential property in Cook County changed. The law, Public Act 95-988, is effective until July 1, 2013, and is designed to assist in the prevention of fraudulent property transfers.
Under this new law, an Illinois notary must fill out a Notarial Record for every grantor whose signature is being notarized if the grantor is transferring a single family home, condominium, or other 1-4 unit residential building in Cook County. Each Notarial Record must state the form of identification used to verify the grantor's identity. Such identification may include any ID issued by a state or federal agency, so long as the ID is current and not expired. Foreign identification is not acceptable. The Notarial Record must also include the grantor's thumbprint.
If a notary is an employee of an attorney, a title company, or a financial institution, the notary must deliver the completed Notarial Record to the notary's employer within 14 days. Other notaries must deliver the Notarial Record to the Cook County Recorder of Deeds an pay a $5 filing fee. Notarial Records are retained for 7 years, and are not disclosed except pursuant to a subpoena from a court.
Certain types of Cook County residential real estate is exempt from the requirements of the act. For example, court-ordered and court-authorized transfers, judicial sales deeds, deeds transfering the property to a trust in which the grantor and the beneficiary are the same, deeds from the grantor to himself, deeds from the grantor to himself and another grantee, and deeds in lieu of foreclosure, are all exempted.
Under this new law, an Illinois notary must fill out a Notarial Record for every grantor whose signature is being notarized if the grantor is transferring a single family home, condominium, or other 1-4 unit residential building in Cook County. Each Notarial Record must state the form of identification used to verify the grantor's identity. Such identification may include any ID issued by a state or federal agency, so long as the ID is current and not expired. Foreign identification is not acceptable. The Notarial Record must also include the grantor's thumbprint.
If a notary is an employee of an attorney, a title company, or a financial institution, the notary must deliver the completed Notarial Record to the notary's employer within 14 days. Other notaries must deliver the Notarial Record to the Cook County Recorder of Deeds an pay a $5 filing fee. Notarial Records are retained for 7 years, and are not disclosed except pursuant to a subpoena from a court.
Certain types of Cook County residential real estate is exempt from the requirements of the act. For example, court-ordered and court-authorized transfers, judicial sales deeds, deeds transfering the property to a trust in which the grantor and the beneficiary are the same, deeds from the grantor to himself, deeds from the grantor to himself and another grantee, and deeds in lieu of foreclosure, are all exempted.
Monday, August 3, 2009
Home Windmills and Tax and Energy Savings
While it's rare to see a windmill powering a home in Chicago and its neighboring suburbs, Congress recently passed a thirty percent tax credit as an incentive for people to use home windmills for power. An increasing number of such windmills are popping up in rural areas.
How do home windmills work? Combined with electricity from your local electric company, home windmills are used to power your home. When there is little or no wind, the electricity kicks in. Home windmills are very expensive, and typically it takes years until you save enough money in utility bills to justify the cost of the windmill itself. However, because home windmills are so energy efficient, Congress is attempting to encourage their installation by providing a tax credit.
Unfortunately, the reality is that it is very difficult to install a home windmill in an urban or suburban area. Neighbors will object, zoning ordinances will not allow windmills, and even a person who is considering the installation for him or herself may not be entirely convinced that it's the best way to go. Rural homeowners in Illinois however, may not only be more open to the idea of a home windmill, but they can also reap the benefits of the tax credit.
How do home windmills work? Combined with electricity from your local electric company, home windmills are used to power your home. When there is little or no wind, the electricity kicks in. Home windmills are very expensive, and typically it takes years until you save enough money in utility bills to justify the cost of the windmill itself. However, because home windmills are so energy efficient, Congress is attempting to encourage their installation by providing a tax credit.
Unfortunately, the reality is that it is very difficult to install a home windmill in an urban or suburban area. Neighbors will object, zoning ordinances will not allow windmills, and even a person who is considering the installation for him or herself may not be entirely convinced that it's the best way to go. Rural homeowners in Illinois however, may not only be more open to the idea of a home windmill, but they can also reap the benefits of the tax credit.
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