Different Ways One Can Claim Funds

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What is a Tax Deed Auction?

A Tax Deed Auction is a legal process initiated by a county government to recover unpaid property taxes. When property taxes remain unpaid, the county places a lien on the property. If the taxes are not paid within a specified period, the county has the authority to sell the property through a public auction, known as a Tax Deed Auction.

How Does a Tax Deed Auction Work?

a. Notification: Property owners are notified of the unpaid taxes and the impending auction.

b. Auction Listing: The property is listed for auction, providing details about the auction date, property description, and minimum bid amount.

c. Minimum Bid: The opening bid at the auction is typically set at the amount of unpaid taxes, penalties, and administrative costs associated with the property.

d. Public Bidding: Interested buyers participate in the auction, and the property is sold to the highest bidder.

e. Transfer of Deed: Upon successful bidding, the tax deed is transferred to the new owner, giving them ownership rights to the property.

Why Do Tax Deed Auctions Matter?

Tax Deed Auctions are significant for the following reason:

a. Surplus Funds: Often, these properties sell for more than the minimum bid amount. The excess amount, known as surplus funds, is owed to the original property owner. However, many are unaware of their entitlement to these funds.

Our Role at Norbrook Asset Group

At Norbrook Asset Group, we specialize in identifying and recovering surplus funds resulting from Tax Deed Auctions. We guide former property owners through the process of claiming these funds, ensuring they receive what is rightfully theirs. Our expertise in navigating the complexities of these auctions and the subsequent financial implications makes us a trusted partner in asset recovery.

What is a Tax Lien Auction?

A Tax Lien Auction is a legal process initiated by a county government to recover unpaid property taxes. Unlike a Tax Deed Auction, where the property itself is sold, a Tax Lien Auction involves selling a lien on the property to an investor.

How Does a Tax Lien Auction Work?

a. Notification: Property owners are notified of the unpaid taxes and the upcoming auction.

b. Auction Listing: The tax lien, not the property, is listed for auction. This listing includes details about the property, the amount of unpaid taxes, and the auction date.

c. Bidding Process: Investors bid on the tax lien. The bidding can be on the interest rate the property owner will pay or a Norbrook on the lien amount.

d. Purchasing the Lien: The winning bidder pays the amount of the unpaid taxes and in return, receives a tax lien certificate, which is a claim on the property.

e. Repayment Period: The property owner must repay the investor the original amount plus interest within a specified redemption period. This period varies by state but typically ranges from one to three years.

Surplus Funds in Tax Lien Auctions

In some cases, the property owner may sell the property or refinance it to pay off the tax lien. If the property sells for more than the amount owed in taxes and costs, there is a generation of surplus funds. These surplus funds are typically available to the original property owner. However, there is often a specific period post-auction during which these funds can be collected, which varies by state and county regulations.

Our Role at Norbrook Asset Group

At Norbrook Asset Group, we specialize not only in identifying surplus funds from Tax Deed Auctions but also in those arising from Tax Lien Auctions. We assist former property owners in navigating the complexities of these auctions and help them claim any surplus funds they are entitled to. Our expertise ensures that you are well-informed and supported throughout the process of recovering your funds.

  What is a Mortgage Foreclosure Auction?

A Mortgage Foreclosure Auction is a legal process initiated by a lender or bank when a homeowner defaults on their mortgage payments. The purpose of this auction is to recover the unpaid mortgage amount by selling the property in question.

How Does a Mortgage Foreclosure Auction Work?

a. Default and Notice: When a homeowner fails to make mortgage payments, the lender issues a notice of default, indicating the start of the foreclosure process.

b. Foreclosure Filing: The lender files a foreclosure suit with the court and notifies the homeowner.

c. Auction Listing: If the homeowner cannot rectify the default, the property is listed for a foreclosure auction. This listing includes details about the property, auction date, and minimum bid amount.

d. Public Auction: The property is auctioned to the public, and the highest bidder wins the property.

e. Transfer of Ownership: The winning bidder pays the bid amount, and ownership of the property is transferred from the homeowner to the bidder.

Surplus Funds in Mortgage Foreclosure Auctions

In many cases, the sale price at a mortgage foreclosure auction exceeds the amount owed in mortgage and associated legal costs. This excess amount, known as surplus funds, is typically owed to the former homeowner. However, many are unaware of their entitlement to these funds.

Our Role at Norbrook Asset Group

At Norbrook Asset Group, we specialize in identifying and recovering surplus funds resulting from Mortgage Foreclosure Auctions. We guide former homeowners through the process of claiming these funds, ensuring they receive what is rightfully theirs. Our expertise in navigating the complexities of these auctions and the subsequent financial implications makes us a trusted partner in asset recovery.

At Norbrook Asset Group, we also specialize in the recovery of Unclaimed State Funds, a category of assets often overlooked by individuals. Unclaimed State Funds represent money that rightfully belongs to individuals but has been forgotten or left unclaimed. This scenario is more common than you might think.

What are Unclaimed State Funds?

Unclaimed State Funds encompass a variety of assets, including:

a. Dormant bank accounts

b. Unused safety deposit boxes

c. Uncashed checks and money orders

d. Unclaimed insurance policy proceeds

e. Forgotten stocks, bonds, and mutual funds

f. Trust funds

g. Royalties

h. Escrow accounts

When these assets remain unclaimed, they are eventually transferred to the state's treasury. This transfer occurs after institutions holding these assets have made repeated, unsuccessful attempts to contact the rightful owner over a period of years, as mandated by state laws.

Our Role in Recovering Your Funds

Norbrook Asset Group works directly with state agencies to help you reclaim these forgotten funds. We understand the intricacies of state regulations and have the expertise to navigate the claim process efficiently.