This action might not be possible to undo. Are you sure you want to continue?
The Insider’s Guide to…
Locating Unclaimed Funds
www.HookedOnOverages.com Copyright 2009, Abandoned Property, LLC
However. and case law is constantly changing. Readers are advised to proceed with the techniques described herein with caution.hookedonoverages. IN 46321 http://www.com All rights are reserved under State and Federal Copyright Law. © Copyright 2009 Published by Abandoned Property. It is offered with the understanding that the author is not an attorney or accountant. nor distributors make no warranties. The author. and is not offering legal or tax advice. printers. paraphrased or quoted in whole or in part by any means without the express written permission of the publisher and author.Legal Disclaimer This report is intended to provide accurate and authoritative information on the subject of locating and profiting from unclaimed funds. express or implied about the merchantability or fitness for any particular use of this product. licensees. this is a dynamic field of endeavor in which new laws are enacted. old laws revised and/or reinterpreted on a continuing basis and where statutes. This report is intended for instructional purposes only. . rulings. Please consult with an attorney in your area before you proceed with any of the suggestions found in this book. LLC PO Box 3348 Munster. reproduced. No part of this book may be reprinted. Every effort has been made to reflect the applicable laws as of the date of the publication of this book.
Unclaimed Funds You’ve probably heard about unclaimed funds. private money. are routinely handed over to your state’s unclaimed funds authority each year.finding and collecting unclaimed funds. are getting ahead by using tools honed for today’s market– short sales. uncashed checks. You may have seen billboards or newspaper advertisements inviting you to search for unclaimed funds that belong to you. tax sales. What if you could get involved today in a real estate deal where you knew exactly how much you’d profit as soon as the paperwork was signed off…and the payday came in days or weeks. and abandoned stock portfolios. or have just started recently. predictable profits for years – without upfront investment . .Five-Figure Finder-Fees…Locating Unclaimed Funds Still making easy profits in today’s market by buying properties on the MLS with easy mortgage money and flipping? Doubt it. It’s quite noble that these state authorities are making attempts to reunite the money they have on hand with the rightful owners. to name a few. not months or years? It’s time we let the cat out of the bag. Gone are the days when short-term flipping profits were virtually guaranteed by the swiftly rising market. Closed bank accounts. Real estate investors who survived the real estate bubble. These can all be good strategies – though paydays are often uncertain. even bulk REO purchases from banks. We’re about to reveal how we’ve been making easy. And some of these methods require a significant amount of cash to pursue.
Once we find the funds that fall into this special class. . we’re going to reunite them with their owner. Read on to find how you can get involved too. and collect a 40% fee for doing so. Instead. and were happy to retain our 40% share.How do these funds relate to real estate? They don’t! We’re not even going to be touching them. We just received a couple nice-sized unclaimed funds checks recently. Are these “underground” unclaimed funds still being generated today? You bet. And in many cases. we’ll pursue a whole different class of “underground” funds that haven’t even been turned over to the state yet. these claims are 10200 times the amount of a typical claim advertised by the state. Here’s one: The unclaimed funds arena was always a reliable cash cow while we did our real estate deals – but now it’s almost all we do.
Plus. but are not limited to: • Delinquent Tax Auctions • Mortgage Foreclosures • Condemnations • Eminent Domain Actions • Suits for Partition • Probates / Estates • And many more Tax Sales and Mortgage foreclosures generate the most unclaimed funds in most counties – so we’re going to focus on those. This cash is often referred to as an “overage”. as low as 5%. You can usually work those too while the county has them! . you’ll discover other classes of funds like the ones mentioned above. Here’s where our real estate background pays off. These “overage events” include. And many states have tight caps on the amount you can charge to collect these funds on behalf of an owner. states are launching huge advertising campaigns to make the public aware of the unclaimed funds they may be entitled to.“Underground” Unclaimed Funds We’re not going to be able to create 5-figure paychecks very easily with the unclaimed funds that are on hand with our state. Why? Most of the individual amounts on hand with the state are tiny – under $1000. It turns out that certain real-estate related events can result in a large amount of cash being generated for the benefit of the former owner of a property. As you’re getting your lists of these funds.
In many cases. ready to be collected.These overages are not sent to the state. the agency holding the funds permanently acquires them for their own use and does not have to turn them over to the state. Let’s put a stop to that. Unlike most state unclaimed funds agencies. if the funds go uncollected. and get those funds into the hands of their rightful owner. counties often do not publicize the availability of these funds to the public. It’s called “escheating”. and many agencies appear to be perfectly happy to let that happen. . at least not right away. They often linger in various agencies at your county for years.
Finding Underground Unclaimed Funds Once we’ve identified all the events that can trigger an “underground” unclaimed funds account. we know exactly what to ask for with our public records access request. After we determine which agencies may be holding large amounts of unclaimed funds. Then. we can do a public records request to discover exactly what funds are currently on hand with the agency. we know exactly which agencies receive unclaimed funds from time to time. Do most of these agencies keep an “unclaimed funds list” lying around? No. it’s time to put the law on our side. and where the records that account for these funds are kept. This isn’t as simple as strolling into the agency and saying “Hey do y’all have a list of unclaimed funds that I can grab real quick?” By doing our homework. Every state in the country has a “public records access law” or “freedom of information act” which allows almost all public records to be viewed and copied. . or have the agency generate a list for us? Yes. Can we easily make our own “unclaimed funds list” by requesting certain records that are public information.
Often in a matter of days or weeks. We’ll be happy to provide our services for a 40%-50% cut of the funds.Contacting the Owner of “Found Money” Now it’s time for the fun part: informing an owner of “found money” that they’re a couple pieces of paperwork away from receiving thousands of dollars they didn’t even know they had. Of course. we’re not going to do it for free. while we’re going to do a valuable service by connecting the owner of unclaimed funds with their money. and offer to throw thousands of dollars in their lap just for signing our paperwork. Why haven’t these folks collected the funds due them? They don’t know about them! We’re simply going to contact the potential recipients of this money by mail and phone. and the owner of the funds will be happy to receive the balance. . And these lists will also contain the name of the person entitled to the money and their last-known address. at minimum. We’ll have lists of ready-to-collect unclaimed money from the appropriate agencies.
we’re in the home stretch. In it. More seats in the program will be opening up soon. and give the client his 60% share of the funds. you’ll discover: • Which states have tax sale and mortgage foreclosure overages • How to identify the agencies that hold these overages • The proper way to request the lists of overages these agencies have on hand right now. The Training Program Over 150 students have become “Hooked on Overages” with our online training program. a check will likely be on its way to us in a short period of time. In either case. and a check will be in the mail to us in a matter of days. Many times we’ll just provide the paperwork to the agency holding the funds. we’ll get an attorney involved to collect the funds. • How to locate the recipients of these funds • What to say to say on the phone when you locate a potential recipient of unclaimed cash . Other times. That’s it! Cash the check. On a couple of occasions a clerk has asked us to wait while a check was cut right then and there.Collecting the Funds Once we’ve gotten a missing recipient of unclaimed funds to sign our paperwork.
Keep your eye out for the next webinar. we’ll have a free 1-hour webinar that will cover the “found money” business from start to finish – and at that time we’ll accept a limited number of new students.• How to complete the paperwork necessary to make the claim We’ll leave it up to you to cash the check! When new seats open in the training. coming soon! -Rick Dawson .