Ever heard of tax lien overages? Most citizens have no clue what they are. Most people think that when you lose your property to tax sale, that's just it - the government gets all the proceeds of the sale - even if your property was bought for 10 times what you owed in taxes.
Well, too bad for the owner - in about half the tax collector offices in the U.S., that's right. If you lose your home or property, you lose all your equity at that time. The government instantly appropriates your tax lien overages for themselves - the owner has no recourse, and loses all that equity. It's unjust, but this will continue to happen. The government doesn't seem too concerned with "fair."
In the rest of the counties in the country, however, the government saves the tax lien overages - that is, however much was bid at the tax lien sale over the debt owed in overdue taxes - for the former owner. Appears a little bit more fair, right? Well, only if you ignore the next fact. The agency still repossesses tax lien overages if the owner doesn't check in to apply for it within tight window of time - usually a year.
This is the issue: how do you think the agency notifies the owner? They've given up the property already - the only means the government has to notify them! The government sends a letter, informing the owner of their tax lien overages - to the property they almost definitely don't live at anymore.
How likely is it the owner even finds out? How hard do you think the government is going to attempt to find the owner, when if the overage remains unpaid, they get to repossess all the tax lien overages that owners don't collect?
Are you getting it, that there's a serious money-making opportunity here? The owners probably won't hear about the funds until too late, if ever. These funds are located at the county level, not at the state level, so they're not subject to state level unclaimed money finder fee laws. You put together the owner with his missing cash, that he doesn't even know is there, and take a 40-50% contingency fee to claim it for him. He feels like he found a winning lottery ticket, and your bank account is loaded by an extra $2,000 a week - and that's if you're working part-time!
It's still legal to operate as a liaison in this way - as of right now. If you want to learn this business, get in quickly before the government amends the laws.
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