There’s a wave of ‘get-rich-quick’ systems being peddled online these days – a system that will teach you how to locate prime, untapped surplus funds that you can help recover – for a fee, of course, for property owners who likely have no idea this money even exists. All you have to do is track down the former property owners and provide them with the great news that they (who recently lost their property in a foreclosure) are owed MONEY! And, it’s usually a pretty decent amount of money! And aren’t they lucky!? An ‘Asset Recovery Specialist’ is right there to offer his or her assistance in recovering money for this unsuspecting victi – I mean client.
Read the fine print – and remember – if it sounds too good to be true, it probably is.
You have to be a licensed attorney to represent a surplus funds claim in court – so follow the money on these guys, and you’ll find out pretty quick why they’re charging close to 50% of your total claim to “help” you… helping you right out of around half of what you’re legally entitled to. This money already belongs to you – you just have to claim it and provide the proof.
You may be contacted by someone referring to themselves as a "finders" "investor," or "asset recovery specialist'"- and they claim they just "want to help"!
Never sign anything until you’ve talked to us or another knowledgeable professional! You should never feel pressured to work with anyone – and you should never agree to pay more than 50% of your claim for help.
The county clerk’s office is tasked with trying to track down the rightful owners of any surplus funds they come into possession of- problem is – most of these folks lost the property (that was their home address) during the foreclosure that created the surplus – so they obviously no longer live at that address listed in the file!
While the foreclosing party and the clerk of court may send out notices to the former owner that they may be entitled to surplus funds, often it does not reach the owner because they have, of course, moved.
Because Investors can obtain information about surplus funds (foreclosure sales are public record), they may then offer to buy your interest in that money.
