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 In many jurisdictions around the country unclaimed assets are escheated to the state or various custodians for a variety of reasons including delinquency or abandonment. These unclaimed assets can originate from tax or mortgage foreclosures, old bank accounts and safe deposit box contents, CDs, mutual funds, stocks, bonds, dividends, uncashed checks, wages, insurance policies, trust funds, utility deposits, escrow accounts, inheritance money, etc.  This process of escheatment of property or money by private citizens to characterless agencies originated in feudal 16th century England. This unfair process continues in the US, founded on laws from the British Commonwealth centuries ago.

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What Happens During A Foreclosure


 Often the individual or family are going through a rough time. Whatever that may be can result in the inability to pay the mortgages or taxes that are due. Which will lead to a warning of foreclosure if not paid.


 The inability to pay what is owed as well as the late fees will end up leading to the foreclosure of the property.


 In the event of a Tax Deed or Mortgage foreclosure, the county holds a foreclosure auction on your property due to the unpaid taxes or mortgage. The opening bid at this auction is for the amount of taxes that is owed. Mortgage foreclosures start at a lower amount hoping it will sell for the amount that was owed.


 What most people don't know is that these properties often sell for an amount that is higher than the opening bid and any profit remaining is due to the previous owner. Who had the property foreclosed on.


 The county sends out surplus notification letters, but most of the time it's going to the last address on record, which is often the property that was just foreclosed on and sold, so you are never informed. Nor are they responsible for informing you any further.


To prevent the funds from being lost forever those individuals need to educate themselves on recovering the funds that are rightfully theirs.

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More coming soon 

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