The answer is: everyone! That’s how it is. In all states, when someone offers more for a property at the sheriff’s sale than is owed on the mortgage, the excess foreclosure that is created is owed to the homeowner who lost their property.
Sales tax surpluses only exist in about half of the states. The same scenario occurs: someone does not pay their taxes and their property is auctioned; someone bids more than is owed in taxes, and that owner is entitled to the funds.
In the other half of the states, money is lost, immediately, to the government. The sad thing is, in states that have surplus sales taxes, those funds are also subject to reimbursement: the government only gives the owner a short period of time to find out they have the surplus before “legally stealing” the property. money.
There is a great opportunity to work these surpluses. If you can find these missing homeowners and reconnect them with your funds, you can make a lot of money. You work in the contingency, like a lawyer; By not charging them anything for your initial work, you can collect more than the claim money. In this case, “plus” equals up to 50% of the claim.
In surpluses of the tens of thousands, these contingency fees can be huge – five figures or more! All to help someone get money that they would otherwise have lost, and these owners can usually use the money.
With the high number of foreclosures, a lot of funds are being created, requiring a lot of new people to reconnect homeowners with their money. There has never been a better time to work on foreclosure surpluses and tax sales surpluses.