| After foreclosure you may be owed cash and Midnight grocery runs capture economic desperation |
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Foreclosure can be a devastating experience. But for some homeowners, there is one rainbow at the end of the storm: They might get a little cash.In many states, if a bidder offers more than is necessary to pay off the defaulted debt during a foreclosure auction, the former owner gets the excess cash. However, officials often have a difficult time locating former owners.Find the best mortgage ratesBankrate can help you find the lowest available mortgage rate."Most (foreclosed owners) don't leave a forwarding address, and many people leave at the first sign of foreclosure and they're long gone from their last known address," says Dorothy Brown, circuit court clerk in Cook County, Ill.Such instances of owed cash remain relatively rare. Last year, about 80 percent to 90 percent of foreclosed homes being auctioned were taken back by the bank, according to Rick Sharga, senior vice president of RealtyTrac. [Read the full article] |








