they have your money

Published: 01st October 2009
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It would seemSurplus funds scams are everywhere these days.
There are attorneys that are applying for the monies in the name of the people that its owed to.
Let's talk about what excess proceeds are. Government Surplus Funds, also called excess proceeds and, infrequently, unclaimed money, are monies left over from a foreclosure sale.
If a house sells for $150,000 and the bank was only due one hunred grand, so the bank can't keep the fifty grand.
There may be liens etc. that need to be paid off from that overage. BUT, we'll just say that there are not any other encumbrances.
The extra in most casees goes to the clerk of the court, who holds it until it is applied for.
Important to know - the county clerk does not have the time to run a 'skip trace on these people. Therefore the cash stays there.
Further, a surplus funds scam may take a number of different angles.
But, some of the misnamed surplus funds scams are not really scams by any stretch of the imagination.
For instance, let's say you know your neighbor is gettingforeclosed on, and that even at today's market values for a home like his/hers, there is going to be cash left over after the foreclosure sale.
Let's say you offer to buy his/her deed of trust for $5,000 and there are going to be $10K to $15K in surplus funds after the foreclosure sale. The person gets the money that they needs right away to move out and start over. You get to claim the surplus after the foreclosure because you are the deed holder. Some people are saying this is taking advantage of people. It's not - there is risk with buying the deed of trust and hoping that there are surplus funds after the foreclosure closing, and the ex-owner gets where they needs to go.That is flipping a deed and its completely legal and ethical.
Another so called scam is researching the money in the files in the county courthouse, tracking down the ex-deed holder, and taking an extremely high portion of the money. What qualifies it as a scam is a result of the fact that most states regulate the percentage of surplus a 'finder' can make from this, and some demand you have a private detective's license to do it.
There is a way to legally recover the overage in your name. In fact, don't be a part of in any surplus funds scam! You can legally get the surplus using an elegantly simple system named the Gold Mine. There's an Ebook download available on their web page at http://www.surplusfundsriches.com and its remarkably inexpensive price of just under twenty bucks.
Remember counties actually receive bank interest off the funds that they hold. There is some reason for this to be kept on the QT and/or to give folds a bad rap who are trying to get this surplus. also, the state gov's don't help out because the money usually gets sent to the State office after a certain amount of time - usually 2-5 years.
The money is so mindboggling high that Florida recently tried to pass legislation limiting the time that can pass after a foreclosure to claim the excess proceeds. That's taking from the people that can least afford to be robbed and this will no doubt get canned.

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