| After first deducting the expenses incurred in making the |
| sale, the mortgagee shall disburse the remaining proceeds in |
| accordance with the provisions of the judgment. The mortgagee |
| shall file a report of the sale and the disbursement of the |
| proceeds therefrom with the court and shall mail a copy to the |
| mortgagor at the mortgagor's last known address. This report |
| need not be accepted or approved by the court, provided that |
| the mortgagor or any other party in interest may contest the |
| accounting by motion filed within 30 days of receipt of the |
| report, but any such challenge may be for money only and does |
| not affect the title to the real estate purchased by the |
| highest bidder at the public sale. Any deficiency must be |
| assessed against the mortgagor and an execution must be issued |
| by the court therefor. In the event the mortgagee has been |
| the purchaser at the public sale, any deficiency is limited to |
| the difference between the fair market value of the premises |
| at the time of the public sale, as established by an |
| independent appraisal, and the sum due the mortgagee as |
| established by the court with interest plus the expenses |
| incurred in making the sale. Any surplus must be paid to the |
| mortgagor, the mortgagor's successors, heirs or assigns in the |
| proceeding. If the mortgagor has not appeared personally or |
| by an attorney, the surplus must be paid to the clerk of |
| courts, who shall hold the surplus in escrow for 6 months for |
| the benefit of the |
| mortgagor, the mortgagor's successors, heirs or assigns and, |
| if the surplus remains unclaimed after 6 months, the clerk |
| shall pay the surplus to the Treasurer of State to be credited |
| to the General Fund |
