Join us for less- hooked on overages

You can getting seriously hooked on overages. But money doesn't grow on trees and you have to pick the program with discretion. The biggest part of your decision is in regards to the very definition of overages. Overages are also called surplus funds, excess proceeds, surplus proceeds, excess funds. They are generated from foreclosure sales. It is important to realize that there is more than one kind of foreclosure sale. Thus, there's more than one type of overage.
1 of the foreclosure types is a foreclosure carried out by a municipality. A county tax foreclosure sale. Many are acquainted with this type of foreclosure overage. But many don't realize that there are major issues with this overage type. First of all, these type of excess funds are exceedingly hard to find.
This scarcity is a result of notification. If a county goes to foreclose on a home, they have to notify any mortgage holders first. In the vast majority of these instances, the banks simply pay the tax bill to protect their interest in the property, and their mortgage debt. Poof - the foreclosure over taxes is over.
That is not, however, the only issue with this type of excess proceed. Just as critical is the redemption period that goes with this. This period of redemption is a way for the past owner to redeem - or pay off - their property after the foreclosure is over. And they get the home back. In many States, this period goes way beyond the actual foreclosure date. In some instances, this can be over a year. Folks educated in the difference in suprlus funds types realize that tax sale overages are not the best bet. The other form of foreclosure that creates these overages is from a mortgage foreclosure. Far from scarce, these represent a crazy opportunity. And redemption periods are not an issue. In addition, the foreclosing entity will not be swayed by another that can simply pay off the amount due.
Stop. Maybe we need to take a quick breather here. Not everyone reading this article will know what excess proceeds represent. At foreclosure, properties sometimes sell for more than the debt being foreclosed for. That creates these overages.
The county government ends up with these monies. Notification of all potential parties with an interest in these funds falls on the county clerk. It doesn't happen. Seriously. In order of the date of their claim, judgment and mortgage holders have an interest in the money. So does the past property owner. The county keeps the money making interest along the way. Over time the money is escheated - sent - to the state for deposit. Interest then becomes state income.

Conveniently, these funds are not considered unclaimed property. So they never show up on state web sites. Your state will tell you that this is becomes determining the rightful owner is not alway easy to figure out.

The reason is that judgment or lien holder claims can expire.

Without renewal, judgments will fall off in ten years. Even second mortgages an equity lines can drop off. Therefore it is true that ownership can change as time goes on. Even federal tax liens can drop off. The monies are not assigned to a name, therefore. Petition for the monies begins at the county level. Even if the monies have been escheated to the state.
Regardless, the monies are literally up for grabs, if you have the right system to get them.

And the right system is affordable. Instead of $1500 or more, you can get a system for $297. While it will always be lower priced, it will increase to just under 500 bucks at beginning of April of this year.
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Hooked on Overages