FILE - In this file photograph taken Feb. 23, 2009, a foreclosure sign blows in the wind in front of a home under foreclosure in Antioch, Calif. More than 1.5 million older Americans already have lost their homes, with millions more at risk as the national housing crisis takes its toll on those who are among the worst positioned to weather the storm, a new AARP report says. Older African Americans and Hispanics are the hardest hit. "The Great Recession has been brutal for many older Americans," said Debra Whitman, AARP's policy chief. "This shows that home ownership doesn't guarantee financial security later in life." (AP Photo/Paul Sakuma, File)

AURORA | Dozens of Arapahoe County residents who lost their homes to foreclosure have a surprise waiting for them: money — possibly lots of it.

Foreclosures Older Homeowners

Country trustee officials say they have been unable to find about 50 people whose homes were foreclosed during the past five years and have checks waiting for them at the county. The money is theirs because their foreclosed homes were sold for more than what was owed the bank.

“It’s so hard to find them these days,” said Chief Deputy Trustee Diana Springfield. “Most people have cell phones. It’s not like back in the day when we had White Pages and landlines. All I can really do is mail letters.”

LIST OF ARAPAHOE COUNTY FORECLOSURES WITH BALANCE FOR FORMER HOMEOWNERS

When a home is sold for more than the debt owed to the lender or other creditors during a public trustee auction, the excess proceeds are held in an account by the Public Trustee’s Office until collected by the former homeowner, according to county officials. Roughly 50 accounts remain to be paid out in Arapahoe County, totaling approximately $800,000 between them. Some accounts are as small as $500, though at least one exceeds $200,000 for a single homeowner.

County officials said they could not identify who was owed specific amounts, but a list of those who can claim money is public.

“We had someone come in a couple days ago who was surprised to find he had $62,000 waiting for him,” Springfield said. “He had been trying to sell the house on his own for much less to no avail. After the foreclosure, he didn’t realize that money was here.”

She urged individuals who have had their homes foreclosed to contact the Public Trustee’s Office immediately, since recent rises in home prices make overbids more likely than in the past. She added that hiring an agent to assist with the process is unnecessary.

“The problem is that we’ve got too many people trying to help, charging homeowners up to 40 percent to claim this money,” Springfield said. “They’re like vultures. There is no fee if you just contact us.”

Despite posting overbid recipients on the public trustee website, sending letters and publishing legal notices in local newspapers, Springfield said there remain potential recipients she can’t find.

If the money is not paid out within five years, the assets are forwarded to the unclaimed property office of the Colorado State Treasurer, which currently holds property for more than 1.7 million individuals and businesses in Colorado. There are no time limits for filing a claim with that office, also known as the Great Colorado Payback.

To contact the Arapahoe County Public Trustee’s Office, call 303-730-0071 or visit their website at www.arapahoegov.com