If you’re considering switching careers and becoming a missing money locator, unclaimed funds from foreclosures are hands-down the best funds to “find”, for a few simple reasons.
1. They’re big. Unclaimed funds from foreclosures often run into the tens of thousands of dollars. Unlike state-held money, you won’t find too many $100 and $200 foreclosure overages.
2. There’s lots of them. There are over 3,000 counties in the United States, and all of them collect taxes on the properties located in their borders. With the rising rate of tax foreclosure, that means all those counties will have unclaimed funds from foreclosures. Mortgage foreclosures, too.
3. They’re secret. (Sort of.) This money isn’t publicized the way state money is. You won’t see these on Dateline NBC. They are public record, but unlike state cash, there isn’t a website where you can go and type your name in and see if you have unclaimed funds.
4. You can make a lot of money from them. Unlike state-held funds, in most cases, there aren’t limits to what you can charge for finder’s fees on these funds. Industry standard is 30-50%. If you only work cases over $5,000, that means you’ll make $1,500 minimum per case. Not bad!
5. They escheat. This means that if not collected in time, the government has the right to seize the funds. While not a “good thing” generally speaking, this creates a sense of urgency that will motivate owners to act (i.e., to allow you to work for them to collect the funds).
If you can find the records, find the owners, and reconnect the two while keeping your sources secret, you stand to make big finder’s fees on unclaimed foreclosures money – and state-held funds just can’t compete. The income potential? $100,000 or more for full time overages finders.
The current foreclosure rate won’t last forever – take advantage of it now.
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