Unclaimed property is sometime hidden from owners.
Here is a little tidbit showing how assets can be hidden from the rightful owner.
The bad news is that you lose properties in a foreclosure. Can it get worse? Yes, and it does. The proceeds from the sale after all the liens have been satisfied, are not returned to the original owner of the property. Unfortunately for New Jersey residents, that’s happening far too often. Other states may also be doing this, but have not come forward with the data.
New Jersey maintains the unclaimed money in a trust fund that contained $272.8 million last fall.
Ocean County, NJ, officials want people who have gone through foreclosure to know about their right to the surplus funds and how to claim them. People have 10 years to do so. After that, the money belongs to the state.
There is also concern about con artists who prey on distraught property owners facing foreclosure. What happens is third parties buy the properties for relatively modest sums, then claim the surplus after the sheriff’s sale.
Officials are looking to pass a resolution asking the state to notify people who have money sitting in the interest-bearing trust account. The names are recorded on something called the Summary of Docket Activity. Unfortunately these specific unclaimed funds are not listed on the state Web site.
In doing some research it was found that anyone who wants to know if they are owed money can call the Superior Court Trust Fund Unit. If your are listed, you can file a form to get the funds.
The state should work out a procedure where this type of unclaimed property is listed on the state Web site. For anyone outside of New Jersey interested in doing a search for unclaimed property you can go to www.CashUnclaimed.com and do a comprehensive search of state and federal databases with just one search. You will also find out how to file a claim.
