Tax foreclosure overages...

24 Replies

Hello, Im looking for any help in getting started in Tax overages, I don't want to buy a $1000 course about it. Hopefully some help if someone knows about how to do it in the states of Maryland, DC, or NOVA....

@Clifton Burse These are not as easily done as the pitches for courses imply. Assuming you can find the list of overages due, you still have some issues to deal with. Who is the rightful claimant? If the owner has a mortgage the mortgagee is in line before the owner. Good luck trying to get a fee out of a bank.

If an owner does not claim the surplus it is often becuase they have moved and can be difficult to find. Often the amounts unclaimed are only a few hundred dollars and not worth the work of running around to get it.

Your best course of action may be to talk to an attorney who does tax sale foreclosures. You will need to have agreements written up between you and the owner that will pass the muster of both the jurisdiction who is giving out the money and the courts if the owner decides after the fact they don't want to pay you.

It can be a very profitable business, I just want you to have realistic expectations. Good luck - Ned

PS My guess is that any course is not going to give you enough specific information for your local area. Which is why I suggested a local attorney who does tax sale work.

@Ned Carey thanks for the info, I have been reading a lot of the free stuff online but my plan was to try to get a list and go to the court house and look at the files to see what info was in them and see if there where any other folks that are in line for the overages but I have a friend who works in the PG County court house so I will be talking to her today about it....thanks.

The court house will have the tax sale foreclosure files. But just as useful is the results list from the tax sale. The foreclosure file generally will say nothing of the bid amount or surplus due. The county propbably has an office where you go to redeem properties in tax sale that would be a good place to sttart.

@Gwen Morgan I see this is your first post. Welcome to BP. 

My partner and I dabble in tax overages. We don't do it as a regular business. It is just not worth our time - See  my messages above as to why.  Usually when we do it it is because of some creative strategies to get the property.. Buying the rights to the overages is often just a hedge if it does not work out. 

If you talk to the property tax sale office in your county they should be able to tell you what is required to claim the surplus.

Here is what you will run into before you can act as an agent for those who are owed money.  The counties have made sure that you have to disclose where the overage is and the exact amount, and that they don't need you to act as their agent, thus rendering you useless to the former homeowner.  Here is an example taken right off the San Diego Tax Collectors website.  Riverside County's is similar....

"A party of interest in the property that was sold at tax sale may assign his or her right to claim excess proceeds only be a dated, written instrument that explicitly states that the right to claim to claim excess proceeds is being assigned, and only after each party to the proposed assignment has disclosed to each other party all facts relating to the value of the right that is being assigned. Any assignment that does not comply with these requirements shall have no effect. Any person or entity who in any way acts on behalf of, or in place of, any party of interest with respect to filing a claim for excess proceeds shall submit proof with the claim that the amount of excess proceeds has been disclosed to the party of interest and that the party of interest has been advised of their right to claim excess proceeds on their own behalf. If you prefer to have an agent file your claim for you, or if you should decide to sell your claim, an "Assignment" must be completed and submitted in addition to the Claim for Excess Proceeds."

So you are wasting your time (AND MONEY) purchasing the Bob Diamond course or any other course on Property Tax Overages.  A word to the wise is sufficient.

There are also many youtube videos on it. Also the pdfs of Hooked on Overage (google) should give you enough info to get your mind running. It's not as profitable as it used to be but if you are upfront and honest with the claimants and change your expectation to earn max $2500 on average then you might be able to use it to squeeze a few dollars out here and there.

Hi All,

I am in search of mortgage overages or excess proceeds from mortgage foreclosure sales.  I understand there aren't "Lists" per se like there are for the tax sales.  We have to create the list on our own.  In order to do that, you need to know the entire foreclosure process.   I would like to learn.  I have not seen anything in any forum regarding excess proceeds from mortgage sales.  

I bought the Bob Diamond and Shawn Buige programs.  I worked the "Hooked on Overages" program and learned a lot and made a lot of mistakes.  Buige program is mostly a researcher program.  I honestly have not gone through it fully yet.  

I look forward to sharing some info and gaining some info on the excess proceeds from mortgage foreclosures

Andy 

The first paragraph of my post was cut off for some reason.  Maybe I am not permitted to share my resume or explain what we do with real estate???  I feel my post looks selfish as it stands...but here it is again.  

Hi All,

"I have been helping people and business collecting excess proceeds on tax sales for about 3 years now. I have about 30 successful recoveries from $2,000.00 to $60K. I have about 30 cases in the works now. All tax overages. I would be willing to share some info with some of you. "  

I am in search of mortgage overages or excess proceeds from mortgage foreclosure sales. I understand there aren't "Lists" per se like there are for the tax sales. We have to create the list on our own. In order to do that, you need to know the entire foreclosure process. I would like to learn. I have not seen anything in any forum regarding excess proceeds from mortgage sales.

I bought the Bob Diamond and Shawn Buige programs. I worked the "Hooked on Overages" program and learned a lot and made a lot of mistakes. Buige program is mostly a researcher program. I honestly have not gone through it fully yet.

I look forward to sharing some info and gaining some info on the excess proceeds from mortgage foreclosures

Andy 

Hello Andrew,

Are you recovering surpluses from Tax Lien or Tax Deed overbids?  

I would like to start up in this field.  Can you give me some advice on where to start?  (Book? Course? etc)

Thanks.

@Byung Kim @Lawson Hudson III    Google Joe Kaiser  state of Washington tax overages..

many states and counties have totally cracked down on this practice.. its very difficult.

we did a little of it were its legal.. but the one's who can make it work are the folks that are private investigators with all the tools.. folks like you just starting out have basically zero chance.

Thanks for the response.  

I work as a Federal Agent.  I have no problem obtaining a Private Investigator license.  Besides the tools that Private Investigators have to locate wanted individuals, what other advantages do they have?  

You seem to be very experienced in this field.  Can you advise on where to start in this field? (Books, Courses, etc).  Thanks.  

The state I live in will not allow anyone other than the owner or prior owner to file a claim on excess proceeds. In fact the county I live in will not talk to you about excess proceeds unless you are one of the two parties or their attorney.

Byung Kim, I worked the overages in 2015 and the hardest obstacle that I faced was convincing the owner that he or she was owed money. I recall an overage from Indiana where the guy was owed around 40K, the company I was working with skip traced him to California (My current location). I even sent him my ink pen with my company info, my web site link with all valid info but he never gave it a second chance after my call back, he was just still very skeptical. Than another gentleman from Los Angeles was owed upwards of 100K shared between himself and siblings. They were all on the note after the death of their father. He wanted to do it himself but ended up loosing to procrastination. Sometimes it's not the process but mostly the previous scams that have injured the program. My words of encouragement are to do your best to present yourself as honest as humanly possible but don't give up until the deadline has passed.

Hey Carlton.  Thanks for sharing your experience and advise.  Are you still working on the overages or moved on to other forms of investing strategy?

Hello everyone, I'm an investor from the Suitland, MD area.  I see there is some usefull information and I am thankful for it. This is the thing I am looking for ways to get overage lists but as I read the various comments I am starting to think is was worth pursuing in the past, but not so much now. So if there is anyone that can give advice on today's market trying to work overages I would really be appreciate it.

I actually bought the course for $1000 it's not as easy as they make it seem but it is profitable.  It's hard to even find the list because the state wants to keep it secret so that they can keep the funds because if the funds aren't claimed within a certain time period than the state gets to keep it.  You also need an attorney to process the paperwork and the claims for you because you can't trust the claimant to just be honest and pay you your fee.  So most attorneys charge about $1500 upfront.  And it's about 3 other BIG companies already processing these overages so you can process overages for them and they'll pay all of the legal fees and everything for you but they get a big chunk of your cut.  And it takes about 2-3 Months for the state to release to funds.  Now the big companies will pay you in about  2-3 weeks but they get a bigger piece of your profit for paying you early.  So when it's all done you only getting a small piece of the pie.  

Toris, why would you need an attorney if you bought the course, and doesn't the course show you how to find the list?  The Bob Diamond program claims to give you all the legal paper work you need to work tax overages in any state except Colorado, Michigan, and New York, as well as all the info you need to get the lists.  Lastly, is it feasible to do 100 or more of these claims a year?  If so, even if your checks were let's say, $1,000 a piece it seems like it certainly would be worth your time and effort considering it requires very little money and time to do this?  That being said, anything that sounds too good to be true is.  If it were lucrative and remotely easy then the people at the court house, attorneys, the big companies you mentioned, and anyone else  who has this information would be scarfing up all of these deals.  They would be taking down anything worth pursuing.  Again, it sounds too good to be true.

Can you please expand and help me understand?

@Rick Pittser did anyone reach out to you on your query? I attended the Bob Diamond webinar and my thoughts are exactly what you penned down here. I am curious to hear what other have experienced from the bob diamond program.

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