Unclaimed Money You Can Claim

Published: 12th October 2009
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Unclaimed Money, Deed Flipping, Surplus Funds....
Deed Flipping also known as Deed Flips have been going on for a while.
Deed flipping is straightforward:
You find a house that is about to going into a foreclosure sale.
This is accomplished researching upcoming foreclosures at your local courthouse or through a data service that lists the names of those at that point.
You then perform a quick 'title search' to ascertain the debt load on the home. If there is substantial equity in the property - to the tune of 30 percent of equity -
you then meet the people who are being foreclosed on, and see if he/she are going to allow the mortgage co foreclose on him/her.
When the owner says that they can't catch up, you offer to buy their deed/deed of trust for let's say $10,000.
If you are in a state where possession of the deed of trust affords you right of ownership, you then can do one of the following:
1 You attend the foreclosure sale at the courthouse steps (sometimes through the local sheriff) and see how the bidsbidding is going. If the house is being bid up high - which is quite common now - you will want to offer to sell the deed to the bidders. For example if there is $200K owed against a property and it has been bid up to $250 grand, AND YOU'RE IN A DEED STATE, you could sell the deed for $25 Grand to the bidder. The bidder can then - because they're now the deed owner redeem to pay off the amount owed and get the property - in this instance they have $225,000 in, on a house they were willing to pay $250K for, and you walk with $15K on your $10K.
(Two:2} You see the house is going to fetch way over the total debt on it}. You {let the|allow the| house to go through foreclosure. You then go to the county clerk's office or sheriff's dept and claim the excess.
The mort company can't keep the overage. In the case above, there would be $50,000 in excess proceeds.
This blows away #Unclaimed Money# - which is, in most cases just monies left in saving accounts.
But, there's a kind of Unclaimed money that can be very large monies.
We're talking about excess proceeds.
Remember the ex. above? You could take the surplus because your were the deed holder.
We discovered how to take the surplus funds no matter who is the deed owner!


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