Free Money. Tax-Free.
I know two places that lots of people can retrieve free money, typically $50 to $5,000, sometimes even more. Your mileage may vary.
You don’t have to pay taxes on it. You don’t even know the money exists. It’s not collecting interest, and no one will come looking for you. (Sometimes people will try to match you up with the money for a fee, but you can do it yourself for free.)
I got over $1,200 this way, and I’ve helped others retrieve thousands of dollars they didn’t even know was waiting for them.
First, if you’ve ever had an FHA-backed home mortgage loan, and the loan has been paid off for any reason, you likely have some cash that’s just waiting for you to claim it. More about that in just a minute.
Or, go to your state’s Treasury Department website and check their Unclaimed Property list to see if anyone has turned in money in your name. I know that sounds really unlikely, but it happens a lot (more than 1.5 million times every year in New York, for example). An old bank account, summer job paycheck, insurance payout or tax refund check you never cashed must, by law, be turned over to your state treasury (in your name) 5 years later. There are lots of reasons your money can end up here.
Basically, you check online to see if they have anything for you, mail the state capitol a notarized form with your name and address, and they send you a check. You should never have to pay anybody a dime for any of this money (except a few bucks for notary service, or often free at your bank).
Just go online to your state’s homepage (your state’s two letter name plus .gov as in NY.gov for example) then type Unclaimed Property in the Search box. Or, drill down through the menus Govt. Agencies, Treasury or State Comptroller, Unclaimed Property . . . Read a few FAQ answers, see if they have money for you, fill out a short form, get a check in a few weeks. Since any taxes were paid years ago, you just cash the check and keep the money.
Also check http://www.missingmoney.com/ to cover the other 49 states. Or check Google for more.
The FHA refund plan applies to anyone who ever got an FHA -backed home mortgage loan issued by HUD’s Federal Housing Authority, and then paid it off. An ordinary, “conventional” loan might be quoted as 6%, but FHA loan rates, typically lower, are quoted like this: 5 per cent, plus a 1/2. The ”plus a 1/2″ per cent pays an insurance premium to protect a pool of similar loans that were all placed around the same time as yours. Anyone who pays off their loan by selling the house, refinancing the mortgage, or just plain paying it off, owns a portion of that exclusive, self-liquidating, self-insurance fund. If you don’t ask for it, Uncle Sam will patiently hold it for you until you do ask, no charge, no fees, no interest. They’ll wait forever if you don’t ask for your money.
Your money. Often a few hundred to a few thousand dollars, depending on how long you made payments on the loan, how many other homeowners in your pool defaulted on their loans, etc. It just takes a few minutes to find out how much money is waiting for you.
For FHA refunds, go to http://www.hud.gov/offices/hsg/comp/refunds/ and find if there’s money for you.
Tell your friends.
Charlie Gosh
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