If you’ve been sweating unclaimed property laws–the ones that govern how much you can legally make as a money finder–sweat no more. There’s a huge loophole that not too many people are aware of that will allow you to legally collect 40%, 50% or even more, depending on the case, to help people locate and recover their lost money.
A little background: most states have passed, or are in the process of passing, unclaimed property laws that cap out what you can collect as a finder’s fee on state-held unclaimed property at as little as 5%. Other states allow 10% or 15%, or up to $2500. This is pretty discouraging for folks who are looking to make some big paydays for their efforts in tracking down lost claimants.
What most don’t realize is that those unclaimed property laws generally only apply to funds held by the state. This means that funds held below the state level are usually not subject to these caps. What that means for you is that you are legally able to charge a far more fair fee – 30-50% in most cases – for your time and effort.
Need an example? A good one is tax sale overages. When more is bid at tax sale for a property than is actually owed in back taxes, that overage amount is held for the owner and doesn’t go to the state level for at least a few years in most cases. This means you can go after those overages, in most cases, for the entire period of time they are being held outside the state and won’t be subject to the state finder’s fee caps.
So how do unclaimed property laws work in your favor? Since most people don’t understand these laws, most assume that the state laws apply to anything that happens in the state. This means very few people are working those funds created by tax foreclosure and other similar things – and these funds run into the tens of thousands of dollars regularly. Find an overage of $50,000, find its owner, get them under contract for a 40% fee and you’re looking at a $20,000 payday. Work these funds full-time, and you have an extremely lucrative career… all of which can be run from your home office!
Article Source: http://www.bankruptcylawyerinmilwaukee.com