It Is True – You Can Search and Claim Money Owed to You For FREE

Have you ever been contacted by a company telling you that you may have unclaimed cash or property that is in the possession of a state or federal government agency? Are you told that they, the company, can help you retrieve this cash or property for a fee?  Well, it may be true. The National Association of Unclaimed Property Administrators (“NAUPA”), the national authority on unclaimed property, estimates that 1 in 10 Americans have money or tangible personal property available for claim. It is also true that the companies may be legit and can help you reclaim the property from state and federal government agencies. You can, however, leverage various state, federal and NAUPA websites to research and claim the property yourself – for FREE. You are not required or obligated to retain an unclaimed property recovery company to claim property that is lawfully yours. Would we like to help? OF COURSE! Please contact us if you would like our team of experts to help you through the process.  However, the purpose of this article is to give you a better understanding of what is considered to be unclaimed property and the process of getting back.

Let’s start with defining unclaimed property. Unclaimed or “abandoned” property refers to property or accounts within financial institutions, or companies, in which the account has not been used, or there is no contact with the owner regarding the property, for a specific period of time (usually 1 year or longer, depending on the type of property). Property becomes “unclaimed” after a specific dormancy period with no activity or contact and is then submitted to the appropriate state government. Once the state receives the unclaimed property, they generally have the authority to invest those funds to generate income for the state.

Let’s take a look at a few examples of unclaimed property.

Life insurance proceeds for policies the beneficiaries were not aware of: Have you lost a loved one and could not find a life insurance policy? It is possible one existed and the insurance companies could not locate the beneficiaries to pay the benefit. In this instance, the account would eventually be considered dormant and would be required to be turned over to the appropriate government agency.

Bank or Savings Accounts: There may be accounts you forgot about. Banks are required to attempt locating the owner of the account. If they sit with no activity, like the scenario above, then they are required to report and submit the funds to the applicable state government.

Excess Funds from Foreclosure: Have you experienced a foreclosure of your home? If there were excess funds from the sale, after all creditors are paid, the owner of the home is entitled to those funds. Generally, the clerk of court has difficulty locating the owner to distribute the excess funds and the money ultimately is turned over to the state.

Now that you know that the calls and letters you are receiving about potentially having unclaimed property in the system may not be a scam, let’s talk generally about the process of getting it back to you. To be very clear, you can obtain the unclaimed money or property on your own, for free. Yes, for FREE!

If you want to undertake this process on your own, there are several things you must do. As mentioned earlier in this article, the first thing you will do is use the websites to search for your unclaimed property. If you find that you have unclaimed property, then please be sure that you accurately and timely complete the claim forms and provide the necessary evidence to allow claim administrators to adequately determine proof of ownership. Additionally, be sure to look beyond your state of residence. Look in every state in which you do business or have lived for any period of time. In most states, it could take 60-120 days to receive payment for your claim. There is a period of time for review where the government agency will review and approve or decline the claim. The last thing you want is for your claim to be denied, requiring resubmission, or even appealing in the court of law.

There are benefits to using an unclaimed property recovery service. Our team of researchers and network of attorneys understand the various unclaimed property laws and claims processes. We have established a streamlined system, which eases the burdens on individuals and minimizes the cost and resource constraints for companies. Our method increases the odds of recovering money owed by ensuring documentation and required evidence is submitted correctly and timely. As discussed, there is usually a fee for this service. We are operating on a success-based fee. This means there is no upfront out of pocket expense and we are only paid if your claim is successful.

I truly hope this article helps you have a better understanding of what unclaimed property is and that you actually may be entitled to recover that property. Not all letters received are scams, but I highly encourage you to make sure you vet the company you allow to assist you in recovering your funds.

I wish you the best of luck in finding and obtaining any property that may be held on your behalf. If we can be of assistance, please do not hesitate to contact us. You can find more information about us at www.mhassetrecovery.com.

Bobby Mosely, Esq. LL.M
Co-Founder – MH Asset Recovery
bobby@mhassetrecovery.com