Foreclosure Secrets
Are Unclaimed Funds (Tax or Foreclosure) Taxable
Yes. Unclaimed property is not taxed while it is filed as unclaimed; however, when it is reclaimed, the property may be considered taxable income. Some unclaimed funds such as investments from a 401(k) or an IRA can be reclaimed tax-free.
Can Mortgage Payments Be Recovered After X Months / Years
The ability to reclaim the funds paid into the home’s principal balance is possible depending on the escheat laws of the state. All states have a time limit before funds turn back to the state itself and this is covered inside the Foreclosure Secrets ...
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Does Foreclosure Secrets Work Outside The USA
While the process and its laws have not been created to recover funds outside the USA - even if one is not a US Citizen this process can be done 100% online. One will never need to meet a person face-to-face during this transaction. In other words, ...
Ohio Tax Lien Research & Notes
Ohio sells tax liens to private individuals, which can later be foreclosed upon. When they are foreclosed upon any excess funds are recoverable as “overages” from the county treasurer which is the party who holds them. The excess funds one needs to ...
Does The Lien Holder Have The Priority Over The Homeowner
Depends on the county. Homeowners can submit the claim and if the lien holder doesn’t respond during a certain period, money goes to the homeowner.
Is There A Time Limit for Lien Holders To Collect The Overage for Tax Sales In Georgia
For Georgia (GA), it’s currently (5) years.
If Starting From Scratch Without Company or Credibility - What Should One Do
Hire a VA to setup the website template, set up a business email address through Google Business using the business URL (contact@thebusiness.com). In the end, all that’s important to the homeowners is trust.
Should One Use Court Records To Find All The Leads or Only High Overage Amount Leads
Definitely those with higher overage amounts. One can also use court records to see if a lead is worth the money - especially in states where it is required to pay in advance for claims.
If The Homeowner Is Using An Attorney Who Assists With The Estate - Is That A Bad Lead
No. Reach out to them to find if they claimed an overage.
There Is A Lien On The Property - Does One Subtract The Lien Amount Before Informing The Homeowner of What They Are Entitled To
Do not advise them or inform them of any specific amount they will receive. Just ask them about the lien and if they paid it off.
How Long To Wait from Date of Sale for Access to Tax Sale Overage
This depends on the state and the county. Consult an attorney.
If Homeowner Used Quitclaim Deed Before The Foreclosure (Within Redemption Period) Are They Entitled To The Overage
Check the state statute for this and consult an attorney.
Searched Court Case Records With Owners Name - Found No Court Cases
Call the county to double-check if an overage from the tax sale exists.
Auction.com Had A PDF with Title Information For Purchase - Is It Worth It
Paying a professional insures one gets the best and most accurate information.
When Skip-Tracing A Business - Must It Be Active
No. That is not relevant information, just find the founders, directors, organizers, managers or anyone who will have the information one needs.
Are Fee Limitations The Same For Mortgage Overages And Tax Sale Overages If Not Specified
If no limitations are specified, usually that means there are none. But still consult the attorney and check "50 States Guide".
What Is The Main Difference Between Paid and Free Skip-Tracing Services
Paid services will have better and more up-to-date data.
How To Prepare Contracts And Operate As LLC or DBA
An attorney draws up all the contracts and as for the business operations and paying taxes, contact a Certified Public Accountant (CPA) to help develop the business and reach financial goals.
Is It Necessary To Use An Attorney
It’s not a must-have, but it is a lot easier. For example, if funds are at the court level, they will more easily be released to an attorney than any other individual.
Should One Hire An Attorney for Each County
When working within one state, it only requires the one attorney for all the counties in that state. New state = new attorney.
Could An Attorney Take Our Potential Clients
Always sign an agreement with the attorney before delivering clients/deals to them.
What If The Attorney Also Works In The Overage Business
We recommend finding an attorney who knows the business from the inside-out. Once the attorney is retained, they are no longer competition.
What Paperwork Is Sent In The First Letter
Basic information on what we do, will do for them, the Fee Agreement as a mandatory document. Everything else is sent after they sign the Fee Agreement.
Sue Client That Signed Agreement And Hired Another Company For Foreclosure Secrets
Yes, the client who has signed a contract-for-services can be sued if they use another company. Consult an attorney to determine the best course of action and settlement.
Skip Using Letter of Direction When Hiring An Attorney
Skip using a Letter of Direction (LOD) because the payment will go to attorney and they will cut a check to you and the claimant.
Can The Commission Checks Go To A P.O. Box
Yes, one can use a post office box to accept overage commission payments from clients instead of a home address.
When Sending Limited Power of Attorney (LPOA) - Should One Share Which Entity Is Holding The Funds
No.
Are There Fee Limitations for Unclaimed Funds In Federal Jurisdiction
No, not that we are aware of.
When To Use Assignment Form vs Power of Attorney
If assignments are not allowed in the chosen state or county, that's when a Power of Attorney (POA) form is needed.
Should The Attorney Be Where One Lives or The State Being Working
The attorney should be in the state one is working in. They need to be familiar with the state's laws (where they have their B.A.R. license) to assist with any oddities or answer questions to help obtain the excess funds faster.
Who Needs To Sign Power of Attorney (POA)
It may be the client or it may be you. It depends on the state, so ask the attorney familiar with that state.
What Kind of An Attorney To Hire
The best option is an attorney who specializes in foreclosure law (usually real estate attorneys).
When Sending Portion of Check to Client - Who Pays The Taxes
The client pays for their part, you pay for yours.
Find An Attorney Before OR After Getting A Client
Either way is fine. There is no right or wrong in this case.
Maryland Doesn't Allow Assignment Forms for Mortgage Overages
Use the Fee Agreement form.
Which Laws Regulate an Overage Business
There is not much government oversight and rules for this industry, so it depends on the state and their statutes.
How To Find If Money Is Still Available After The Tax Sale Overage
Call the entity who is holding the funds and ask. Usually the first call is to the the treasurer/tax collector.
What Is The Usual Amount Spent For Expenses (Fees, Attorneys, Etc.)
Not everything is paid in advance, but it goes up to $2,500 max (usually for bigger $10K+ checks).
Is There A Spreadsheet Template To Use
We suggest a self-made spreadsheet or one can use Word, CRM or anything else for management purposes.
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