If you’re involved in the highly competitive field of mortgage foreclosure investing, there’s relief in sight. Most investors are still unaware of a tiny but hugely profitable way to make money on mortgage foreclosures: by contracting with the former owners to collect the overages.
When more is bid for a property at sheriff’s sale than is owed on the mortgage, an overage is created. For instance, if a property has a $30,000 mortgage but someone bids $50,000 for it at sheriff’s sale, then a $20,000 overage is created. This money is almost always due back to the owner (after other liens have been paid); but the owners rarely know it. Many times, they’re nowhere to be found.
If you’re sick of trying to buy these foreclosures, forget owning and flipping the property, and concentrate on finding these lost owners instead. Since the county’s only way of notifying them of the overage, generally, is at the foreclosed address, they are often not properly notified. If you can find the location of the funds and locate their owners as well, you will be in a great position to start collecting huge finder’s fees.
Why? Because (shh… this is a big secret) these funds aren’t subject to finder’s fee caps, due to a little known loophole. This means you can legally collect a 40-50% finder’s fee. The challenge, really, is finding the owners, and keeping the secret about where the funds you know about are – not getting them to agree to work with you.
This is a valuable service that needs to be provided – if the money isn’t collected in time, it escheats to the government. The amount of time they are required to hold the funds is different state to state, but generally is no more than a few years. In the current economy, these funds are being created every day, so the opportunity for making huge amounts of finder fee money is through the roof.
It’s key to understand how to approach the owners so they don’t try to avoid your fee. Read the *free* Hooked On Overages “Insider’s Guide” Visit http://Tax-Sale-Overages.com now. Or, take the *free* 5-day Video Training! Visit now: http://Overages-Training.com
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