How to Make a LOT of Money!
Through: Excess Funds, Surplus Proceeds and Unclaimed Money. Cash in on Tax Certificates, Lien Sales aka a Lien Sale or Sale Tax Lien
Yes, you can make a lot of money, from home, with no fee!
Excess Funds, also known as Excess Proceeds and Surplus Funds (sometimes also - mistakenly or not - referred to as unclaimed money or unclaimed property) orginate from foreclosure sales.
These foreclosure sales can come from a bank foreclosure, a foreclosure from a home owner's association, or a result of a tax lien sale on the property.
When someone forecloses on a property, they are attempting to collect on a debt they are owed, and are legally forcing a person or entity to sell their real property to satisfy that debt.
The problem that comes in for the foreclosing entity is that the property can sell for MORE than the debt that needs to be satisfied.
For instance, let's say a mortgage company forecloses on Joe Smith because Joe isn't paying his mortgage. Let's say Joe owes $200,000 to the mortgage company and that Joe's home sells at foreclosure for $250,000.
Where does the money go?
The bank - or more commonly the substitute trustee for the bank - pays out all debt owed on the property, with the 'tax man' getting paid first - meaning any unpaid property taxes get paid before anybody. Then, the bank gets what is left. However, the bank can't keep any excess. Let's say there were $5,000 in attorney's fees as a result of the foreclosure, and that there were outstanding taxes to be paid of $5,000 (this makes my math easier so bear with me).
That means:
$250,000 sales price
-$5,000 paid out to the municipality for unpaid taxes.
-$5,000 paid to the attorney's running the foreclosure sale.
-$200,000 paid to the mortgage company (assume this includes the mortgage amount and any late fees, interest accrued, etc.)
That leaves $40,000.
Where does that go?
Well, almost universally, that money is due to the person who was foreclosed on. Here's the problem - the municipality where the foreclosure was filed does not have the time, resources, or manpower to track down the owner of those funds. And, the bank doesn't have an obligation to find them either - they just have to prove that they aren't keeping any overage from the sale. So the money goes into an earnest money account, 'attached' to the file at the (usually) court house. And there it sits for years, before it is transferred to the State earnest money account.
Guess what?! While the money is sitting in an earnest money account for the municipality and then the State, it is earning interest. The municipality and then the State can claim that interest because they are keeping it for the rightful owner.
Now the big question that comes up at this point is:
'Okay, the rightful owner of that property (and make no mistake, surplus funds are tangible and real property) can just pick up the phone or go online and get the funds from the State - or from the municipality if its been a short time - Right?'
Nope. In many cases the money is no longer in the rightful owner's name once it hits the State's earnest money account. It is, instead, listed under a file number that corresponds to the foreclosure file in the municipality's (usually county's) court house. So inquiries to the State can often go unanswered or meet a brick wall since the money is no longer in the name of the rightful owner.
So what - just go to the court house, look up the file, and show them your driver's license, right? Not so fast! First of all, finding the file presents its own special problems, as the files aren't called, 'lots of money left over files'. Yes, we're being facetious, but you get the point.
Finding the files can be difficult at best. Then, when/if you do find the location of these files, you have to wade through the files to find those that have excess proceeds or surplus funds in them. BUT, once you find one such file, you can find more using a simple technique.
Now let's say you find the files, and identify large sums of cash due to rightful owners. Can you get that money?
Not without a system.
Right now, many States do not allow you claim more than a small percentage of that money when you find it, especially if you attempt to strike a deal with the individual for finding it. They often refer to these individuals as 'finders', and limit their percentage to 10-15%, and some States even require a Private Investigator's license to do this.
So is the pot of gold gone at this point?
NOPE! You can claim those funds in your name, using a system called the 'Gold Mine' - available at http://www.surplusfundsriches.com
There are two more considerations here:
1. It doesn't matter how long the money has been in the files (earnest money account). There is money dating back 20, 30, 40 years or more - so it doesn't matter if housing prices have recently fallen or not - just pull money out of files that were created when the market was at an uptick.
2. This also works for tax lien sales.
Tax lien sales are simply foreclosures that happen as a result of a municipality going after taxes owed on a property and are foreclosing to get that money. The main differences in tax sales are:
1. There is a potential for a much larger surplus funds amount. Think about that. Unpaid taxes of $20,000 on a home that has no mortgage and sells for $300,000. Are you kidding me?
2. There can be a 'redemption period' of a few years where you are required to sell the home back to the rightful owner for what you have in it. You could rent the home, put a small amount of repair money into it, and make that money hoping the owner doesn't come back during the redemption period. That's cool because you'll get back what you have in it, if the owner does come back from the owner, and keep the rent.
However, the Gold Mine System teaches you a better way to handle sales from a tax lien. You can literally, using the system, allow the property to be sold at a tax auction, and then pick up the surplus money owed to the rightful owner Yourself! No kidding! We believe in this system because we created it. Its available at http://www.surplusfundsriches.com
The next article will deal with tax liens, judgements, and mortgages on property that has been foreclosed, and how you can even make money when there isn't surplus funds owed to the rightful owner, but to other entities.
Don't change that 'bat channel' - bookmark the main page - http://www.the-results-team.com and come back for more.
Better yet - get the system that is going to create very wealthy folks at http://www.surplusfundsriches.com
To your success!
The Results Team
PS - We also have a pool of investors ready to help folks use our systems, for a cut of the profits. Better yet, we can even set you up with folkds that will negotiate and get deals done, paying you just for sending them information on surplus funds available. No money out of your pocket, no stress, no negotiation, no tricks, no need to deal with the general public! Get the system - http://www.surplusfundsriches.com