My name is Lucy and I'd be happy to answer your questions today.
When a bank sells a foreclosed property
, and there is surplus after all liens and attorney's fees are paid, yes, the owner is legally entitled to those amounts. There is no law that would allow the bank to keep it. It is possible that the additional $15,000 was eaten up in interest, late fees, collection costs, and attorney's fees, although there may have still been some excess.
Unfortunately, the statute of limitations on a breach of contract action in Illinois, which is what this is, is only four years. If the property sold in January 2009, it would be too late to bring suit now. The only exception would be if there was no way she could have known about the excess monies earlier. If she didn't get any paperwork following the sale, that could buy her a little extra time. It'll come down to whether it would have been reasonable to ask for documentation, and when. With that said, she doesn't really have anything to lose by asking Chase for the excess and seeing if they can at least account for why they never provided it.
If you have any questions or concerns about what I've written, please reply so that I may address them. It's important to me that you are 100% satisfied with the service I provide. Otherwise, please rate my service positively so that I get credit for answering your question. Thank you.