subject: Escheat Laws Big Loopholes [print this page] Author: terry juen Author: terry juen
Escheat Laws
Escheat Laws Have a Loophole you can take advantage of.
Most escheat laws deal with money and property unclaimed.The idea behind the laws is to make sure the owner ends up with the money.The idea is noble, altruistic, almost holy. This is government as super nanny.
Get you vaklempf...
You lose money and big bro holds it for you.Wait, this is from the guys who run the irs, post office and congress... So its gotta be good huh?
Here is the theory on what is to happen:
1. Mr tax payer forgets about a bank acct balance or some excess proceeds.
2. The government figures this out.
3. Government takes the money away from the evil bankers.
4. Big daddy gov locates the rightful owner and returns the cash.
5. Wicked corporations are thwarted and gotham is a better place.
Now for reality.
Let's use excess proceeds as an example. And yes, there is crazy money in foreclosure overages.
A home goes through foreclosure. The property goes for two hunder thous, but the bank's only entitled to one hundred fifty K.What happens to that overage?
The mort co can not pocket the difference. The excess goes to the court house.After it hits the courthouse the lien holders are suppose to have a psychic vision that the money is there and go pick it up.
This would include all holders of judgments and liens.
The prophetic dreams don't actually happen. After earning interest on this cash, the clerk sends it to the state. Then the state gets the money and earns interest on it. County clerks give judgment holders and owners of surplus a song and dance.
Is there a reason the government wouldn't return the cash? The gov draws off interest.
There is a loophole however. Because the government is holding this money for our own good, wink wink, there is no statute of limitations on claiming this money. There are decades of surplus funds waiting to be claimed. We're talking billions, with a B, of dollars out there. There's a program out there that shows you how to get this money.
