The Illinois Petition for Turnover of Surplus Funds is a document filed with the court by a person or organization that is owed money by the state of Illinois. The petition is used to request the court to turn over surplus funds held by the state of Illinois, which includes funds collected from the sale of land, unclaimed funds, or other sources. There are two types of Illinois Petition for Turnover of Surplus Funds: a Petition for Turnover of Surplus Funds to a Named Beneficiary, and a Petition for Turnover of Surplus Funds to the State Treasurer. The first type is used when the funds are owed to a particular person or organization, while the second type is used when the funds are owed to the state. Both types of petitions require the petitioner to provide information about the funds, a description of the legal basis for the claim, and proof of the claimant's right to the money.
Illinois Petition for Turnover of Surplus Funds
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FAQ
Trustees forward surplus funds to the state's unclaimed property division if they're not able to contact the prior homeowner(s). Californians may inquire about unclaimed surplus funds with the California State Controller at 1 (800) 992-4647. Remember: prior homeowners are notified of possible surplus funds via mail.
How do I get my surplus? After there is a final order of foreclosure, you can petition the court for the surplus funds. You must fill out a Petition to Turnover Surplus Funds, and any other forms required by the court, and file them with the circuit clerk.
Subject to a few limited exceptions, you have 7 months from the date you are served to pay off your loan in full, either by refinancing the loan or by selling the house or by other means. This is called your right to redeem, and the 7-month period is called the redemption period.
In Illinois, there is a redemption period during which you have the legal right to pay off the total debt plus certain costs and interest and reclaim your property, even after a judgment of foreclosure. The property cannot be sold during the redemption period.
(1) Notice Required. In all mortgage foreclosure cases where the borrower is defaulted by court order, a notice of default and entry of judgment of foreclosure shall be prepared by the attorney for plaintiff and shall be mailed by the Clerk of the Circuit Court for each judicial circuit.
Upon a motion by defendant's attorney the court shall allow the furnishing of discovery to the defendant unless the State objects, at which time the court shall weigh the benefit to the defense against any potential harm or danger raised by the prosecution and enter an appropriate order.
In a foreclosure sale, a surplus fund is a difference between the equity of the home and the amount the house was sold for. For example, if the house was sold for $200,000 and you still owed $180,000, you would be entitled to the remaining $20,000. There may be other numbers that are involved that will be subtracted.
13.3. 1 Mandatory Disclosure. When further relief is sought from the court and a material change of circumstances has occurred, an updated completed ?Financial Affidavit? must be served on the other party no less than seven (7) days prior to any hearing.
In general, if no other liens or claims exist, the owner of the property which is sold at auction has the right to collect any surplus funds after foreclosure. However, if any liens or claims exist, they would have priority over the owner of the property to the surplus foreclosure funds.
