The reason most counties aren't helpful when processing overage claims is because they are trying to discourage you from making a claim by making the process difficult. The reason is that if the funds remain unclaimed for a statutory period the funds escheat to the general fund of the county or the state. They get to keep the money! It's legal robbery of the foreclosed property owner's equity.
do you guys have an affiliate program for this tax overages recovery business? if so, I'd like to know more about it. I did this before with Rick Dawson, by the way.
In Pennsylvania, the tax overage goes to the owner at the time of the tax sale (ie. sheriff sale) - so you wouldn't be able to buy the property and also receive the tax surplus/overage.
is there always a first lien holder like a mtg or bank that is notified first or do they just wipe they hands cause they no longer have promisssory note..
Hi I have a question Ive just started with a list thats in broward county Florida and I need the letter that was sent out about the overage to the owner and in broward county its not available online in the county records like other counties, Do you know how i can get it? Appreciate any help .
Crypto Fomo Thank you for the update. I have since updated my email to OlympusAssetRecovery@gmail.com I am working on several states. Please update your records; before sending the email. Thank you.
Not as easy as it looks. Many counties across the US are becoming aware of the individual overage business and make it very very difficult, to almost impossible, to get those funds recovered.
They are talking about recovering an overage that they are owed and I think your talking about the companies that recover for other people and take a fee
Patriot Ninja Yes that is accurate. If you’re a third party, recovery person. The counties don’t make it easy. But because of the escheat system; they are incentivized, to be somewhat difficult. As long as you have the property documentation, from the original owner of the property. There is very little; that the counties can do; to hinder you. Just don’t charge, excessive fees; as a 3rd party Rep. Be transparent, with your dealing. When in doubt; have an attorney review your paperwork, to stay compliant. It’s a business; at the end of the day. There will usually be hurdles, and hindrances.
"Tax Overages" are actually referred to as Excess Proceeds under Texas law. It is not money that is up for grabs. It is the only thing the previous owner is entitled to after their home is taken and sold for pennies on the dollar. God bless you if you need this money more than the person that paid for the property, the one entitled to the excess process under the law. Do you call it a tax overage to help you sleep at night?
It would be Excess Proceeds if the property sold for more than what was owed in taxes PLUS the underlying debt. If there is an overage above that, then yes, that amount is owed to the borrower. I sleep very well at night, thank you. Since we become the lender when we buy the debt. Houses are not taken and sold for pennies on the dollar. The bank has the right to foreclose if the loan is not being paid back as the mortgage outlines and the borrower agreed upon.
Are you guys like Surplus Funds(Shawn Budgie) Bob Diamond and Overages Syndicate or are guys like Troy at Pinnacle Investments who buys just notes and does not do surplus/overages?
The reason most counties aren't helpful when processing overage claims is because they are trying to discourage you from making a claim by making the process difficult. The reason is that if the funds remain unclaimed for a statutory period the funds escheat to the general fund of the county or the state. They get to keep the money! It's legal robbery of the foreclosed property owner's equity.
thank you... great info... greedy govt
Corrupt af...
Thank you eversomuch Scott and Greg! for amaZZZZZing content! Blessings galore!
Thanks Rhonda!
do you guys have an affiliate program for this tax overages recovery business? if so, I'd like to know more about it. I did this before with Rick Dawson, by the way.
In Pennsylvania, the tax overage goes to the owner at the time of the tax sale (ie. sheriff sale) - so you wouldn't be able to buy the property and also receive the tax surplus/overage.
Yeah, we are talking about buying the note and not the property and being the bank in the first lien position.
Only if they can find the owner but they don't try too hard.
my boy! remember meeting you in orlando. Youre awesome scott!
Thanks Wally!
What foms are required once contact overage dept to collect
Just contact the county as each state is different
This looks like a nice little earner. Subscribing!
Thanks!
is there always a first lien holder like a mtg or bank that is notified first or do they just wipe they hands cause they no longer have promisssory note..
the county notifies the lienholder/bank of the pending tax foreclosure
The highest finders fee I've seen is $150,000 for a $500,000 overage, my question is are there 700,000-1,000,000 overages?!
💵💵💵💵💵💵💵💵💵💵
I haven't seen something that high before.
@@WeCloseNotes I got my stimulus check an just need to borrow $600 more to learn the paperwork. I'll pay'em $1,200 off my 1st deal.🙄
Michael Hodge whats your email?
Hi I have a question Ive just started with a list thats in broward county Florida and I need the letter that was sent out about the overage to the owner and in broward county its not available online in the county records like other counties, Do you know how i can get it? Appreciate any help .
You'll have to call the county.
How's the tax overages been treating you because I live in Broward county as well
This is gold!
Hi brenda here can we join the group is there a cost.
Thanks!
Can I claim for closures for people n collect 40% for collecting the money for them
Not in Texas anymore. The overage business has changed a lot the past 3 years.
Where can I learn more about executing tax overage deals without breaking the bank? Please advise me on training options if you will.
Maria Gabriela my virtual note buying workshop in June. Http://notebuyingfordummies.com
Once I have the list how do I do my due diligence after? Do I run a title search?
Did you figure it out? I'm in the same
@@keavalientino hello, are you working with anyone. I am interested in getting into the business. I'm in Florida. Please email me at spad57@aol.com.
Saundra Padgett Hello. If you’re still interested in pursuing this business. Email me at SecondChanceRecoverySolutions@gmail.com I work a few states.
Crypto Fomo Thank you for the update. I have since updated my email to OlympusAssetRecovery@gmail.com I am working on several states.
Please update your records; before sending the email. Thank you.
@@raymondweston8997 ok it's done now I sent it you updated address
Not as easy as it looks. Many counties across the US are becoming aware of the individual overage business and make it very very difficult, to almost impossible, to get those funds recovered.
They are talking about recovering an overage that they are owed and I think your talking about the companies that recover for other people and take a fee
Patriot Ninja Yes that is accurate. If you’re a third party, recovery person. The counties don’t make it easy. But because of the escheat system; they are incentivized, to be somewhat difficult.
As long as you have the property documentation, from the original owner of the property. There is very little; that the counties can do; to hinder you.
Just don’t charge, excessive fees; as a 3rd party Rep. Be transparent, with your dealing.
When in doubt; have an attorney review your paperwork, to stay compliant.
It’s a business; at the end of the day. There will usually be hurdles, and hindrances.
All with everything you said, and just utilize a competent Attorney with every transaction to remain above board!
And what the fee i could requeat mass.
Where can you find a list of these properties that have a surplus and you can purchase the note to claim the overage?
You have to check the county tax sales individually and then cross-check the bank in the first lien position.
Do you think it makes sense to go after notes simply because they have an overage and you want to collect the overage?
@@pjwright3773 If it's available in a tape that we get from a bank, yes. If not, then no.
You have to be the registered owner or have some type of ownership to the property AT THE TIME OF SALE. (Auction)
@@shannonseckora8367 Not unless you have bought the mortgage and are the bank. You would have the right to collect on the tax overage.
Someone said u can claim Mortgage Foreclosure overage from Mi is that true?
BridgetteJeanette Reality yes
I still don’t get it.. how did you get the 1st lien on it , I think you skipped that part. Did you buy the lien certificates or what?
We bought the 1st lien from the bank originally....check out WeCloseNotes.com on how to do that.
We Close Notes ok I will. Thank you
Where can i get property list from in Massachusetts
You have to check each counties tax foreclosures lists.
DO YOU PARTNER WITH PEOPLE WHO DO THIS TYPE OF BUSINESS AN BASICALLY BEGINNERS BUT KNOW ENOUGH TO GET LEADS
No. We teach people how to do it themselves as we have enough leads coming in on our note business to keep us busy.
@@WeCloseNotes so how do you teach us? I want to learn. I can absolutely do this.
@@jenniferdrake9195 Sign up for my NoteBuyingForDummies.com workshop that runs this Friday-Sunday!
awesome info
Glad it was helpful!
Do you collect a finders fee
No. I’m only collecting in notes that I own
Unclaimed list
"Tax Overages" are actually referred to as Excess Proceeds under Texas law. It is not money that is up for grabs. It is the only thing the previous owner is entitled to after their home is taken and sold for pennies on the dollar. God bless you if you need this money more than the person that paid for the property, the one entitled to the excess process under the law. Do you call it a tax overage to help you sleep at night?
It would be Excess Proceeds if the property sold for more than what was owed in taxes PLUS the underlying debt. If there is an overage above that, then yes, that amount is owed to the borrower. I sleep very well at night, thank you. Since we become the lender when we buy the debt. Houses are not taken and sold for pennies on the dollar. The bank has the right to foreclose if the loan is not being paid back as the mortgage outlines and the borrower agreed upon.
Are you guys like Surplus Funds(Shawn Budgie) Bob Diamond and Overages Syndicate or are guys like Troy at Pinnacle Investments who buys just notes and does not do surplus/overages?
Rikko K we mostly buy NPN’s but discover overages along the way.
@@WeCloseNotes
Do you guys have a program to teach others?
@@rick3747 Yes check it out at weclosenotes.com under our training tab
Goodmornin
Good morning to you Tonisha!
Hi brenda here can you name of the place you get on line find the list
Netronline.com
We Close Notes what’s the fee
They work in the same office look at the walls
He didn't hide it LOL He said so in the first few seconds of the video: "hi there from down the hall".
Cute comment
Genius.
lien holder I thought the remainder goes to the goverment
Flipping Metroplex nope.
Im sorry but you guys are hard to follow and sound a little sketchy.
I was thinking the same thing about this talk