Your state might owe you money. Millions of unclaimed funds or properties have been collected by states throughout the USA in the past years. If you need help determining what unclaimed funds are, this article is for you.
The process of reclaiming and recovering a property that was previously lost or abandoned, and having it returned to its appropriate owner is called asset recovery. Some people might have unclaimed funds in state-run accounts that they do not know of, which are just waiting to be claimed.
Read on to learn more about unclaimed funds or recoverable assets.
What Is Asset Recovery?
Owners do not abandon their rights to their properties or assets. But when the dormancy period passes, which in many California is 3 years, the unclaimed property will be turned over to the state to wait for the rightful owner to file a claim.
The process of asset recovery will commence. This is where rightful owners will reclaim their abandoned assets or property. There are many places where your unclaimed assets might be, just waiting for you to claim them.
The unclaimed funds’ recovery process requires attention to detail.
What Are Examples Of Recoverable Assets?
Recoverable assets include:
- Accident Insurance Payments
- Cashiers’ checks
- Certificates of Deposit
- Checking Accounts
- Court Deposits
- Credit Balances
- Customer Deposits
- Health Insurance Payments
- HUD
- Insurance Payments
- Life Insurance Proceeds
- Mineral Royalty Payments
- Oil & Gas Royalty Payments
- Overpayments
- Paid-Up Life Insurance Policies
- Probate Court Judgments
- Property Overlooked in Estate Probate
- Refunds
- Safe Deposit Box Contents
- Stock Certificates
- Traveler Checks
- Uncashed Death Benefit Checks
- Uncashed Money Orders
- Uncashed Mutual Fund Dividends
- Uncashed Payroll Checks
- Uncashed Stocks
- Unclaimed Security Deposits
- Utility Deposits
- Dormant Savings
- FHA Refund
What Are Surplus Funds?
Another type of unclaimed money is mortgage surplus funds. After the foreclosure goes through the courts. This is the leftover money that is recovered after a sheriff’s auction of a property that has been foreclosed. A lot of people are not aware that after a sale that there can be leftover money after the bank is paid off.
The homeowner has the right to that money. This sometimes amounts to tens or hundreds of thousands of dollars. There are specific rules to follow in order to prove to the state that you have the rights to the property. It is a challenge to find these funds and claim them from the state.
In some cases, the government has declined claims when owners try to file applications on their own, or with an attorney who is not familiar with the process.
Conclusion
Seeing a lot of attorneys and people who just give up their claims is really sad. So we are here to help you, the rightful owners, to claim these funds. The government does not like parting with these funds. They can use them for other things or earn interest in them. But it is the right of the legitimate owners to recover these unclaimed funds.
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