Some hesitate to claim money after home foreclosure auctions
DENVER (AP) — Trustees are having trouble tracking down some people whose foreclosed homes in Colorado sold for more at auction than what was owed to the bank.
Homeowners have left thousands of dollars in the hands of the state rather than claim the money, the Denver Post reported.
Some checks are over $100,000.
“Some are more than willing to claim the money, but others are hesitant,” said Diana Springfield, Arapahoe County chief deputy public trustee. “One guy came in recently to ask about (the money), and now we can’t get him to come back to collect it.”
The man has $27,692 waiting for him.
“I can’t explain to you why they don’t come for the money,” Springfield said. “Some say the depression is simply too much to bear, having lost their home. But these are some pretty hefty checks.”
Springfield said there are times when no one can be found to claim the money.
“We have one where both husband and wife died and there’s $44,000 in overbid,” Springfield said. “Their attorney said they have no relatives.”
Foreclosure auction prices are exceeding home debt as the real estate market improves.
Adams County Public Trustee Susan Orecchio said buyers have paid more than $3 million over what’s owed to banks so far this year amid a 45 percent drop in sales of foreclosed homes at auction.
“We’ve never had anything like this. It’s crazy,” said Adams County Public Trustee Susan Orecchio.
Money is held in the state treasury until a valid claim is made.
Information from: The Denver Post, denverpost.com.
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