Home Buying in Alsip>Question Details

60803, Home Buyer in Alsip, IL

what happens to escrow money after 9 years in Illinois?

Asked by 60803, Alsip, IL Tue Dec 13, 2011

In 2002, the house we were considering had issues. My husband decide to terminate the deal and the seller refused to sign. Every year I have tried to retrieve my escrow money. The first 5 years RE or lawyers have not been able to find the sellers since they sold the house. They moved to WI and unable to contact them. Now, I have no answer from the RE that is holding my money or the State Treasure stated they don't have it either. Is my escrow money lost forever?

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I'm not really sure because this has never come up for me. The broker probably should have filed an interpleader with the courts at the time this all happened to get it resolved (I think they are allowed to take out court costs when all is said and done). But as the consumer, I believe you need to file a suit in court. Yes, you should contact an attorney for this. I recommend a real estate attorney first because they will be more familiar with the relevant statutes.
0 votes Thank Flag Link Thu Dec 15, 2011
Anthony, Thank you for your advice. I just receive a call from the bookkeeper of the RE and they will be forwarding it to the State Treasure. I hope I could eventually receive my monies in 2012! Please advice if I need a lawyer or someone to help?
0 votes Thank Flag Link Wed Dec 14, 2011
Wow, 9 years is a long time. You should have filed suit in court 9 years ago to get your money back, and this would have been sorted out. The Illinois State Treasurer was supposed to have been given the money already. If the broker took the money or dispersed it without your permission or a court order, they could be in some trouble, although the broker is only required to keep records as old as five years. If I were you, I would contact the real estate BROKER and find out what happened to the money. See if they will provide you with any records. The first step is tracking down the money, and then you probably need to file suit to get it back. But being so long ago, people are going to be hard to find, and records are likely destroyed. You're probably going to have a hard time finding your money.
0 votes Thank Flag Link Tue Dec 13, 2011
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