Limited time - hooked on overages for less

Published: 23rd March 2010
Views: N/A

The profit involved will drive you to be hooked on overages. There are a few things that you need to consider before you jump. First, consider what overages are. 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.


The first type of foreclosure, and the one you may have already heard about, is a tax sale foreclosure. Generally, this is carried out by county governments. A well known program available on the net today deals with that type of foreclosure. But many don't realize that there are major issues with this overage type. The obvious main issue is that these surplus proceeds are scarce.
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. So the foreclosure goes away.
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. This period can vary from zero days to well over a year. When they do their homework, folks realize that they really do not want to be involved with the tax sale overage type of surplus. The other form of foreclosure that creates these overages is from a mortgage foreclosure. This is relatively unmined riches. And redemption periods are not an issue. Plus, there is no mortgage buy out bail out on the horizon.


Stop. Maybe we need to take a quick breather here. Many of you might not know about surplus funds or excess proceeds. 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. In the vast majority of times, this just doesn't happen. In order of the date of their claim, judgment and mortgage holders have an interest in the money. So does the past property owner. Interest earnings are property of the county. Then its sent off to the state, who also makes interest from it.


Conveniently, these funds are not considered unclaimed property. Unclaimed money searches will hit a dead end on unclaimed property sites. The excuse given by states is that ownership of these funds can change over time.


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


Most liens and judgments will drop off after 10 years, unless the claim is renewed. Even second mortgages an equity lines can drop off. Second mortgages and judgments falling off then can create a change of ownership. In addition, IRS tax liens can take precedence as well. 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.


The right system can help you get your hands on this money! No kidding.
And the right system is affordable. Its a steal at under 300 bucks. That versus the competition's 1600+ dollar price. While it will always be lower priced, it will increase to just under 500 bucks at beginning of April of this year.
Get the program right now. Follow the link that follows.
Hooked on Overages


Report this article Ask About This Article


Loading...
More to Explore