All Forum Posts by: Marie Broach

Thank you Have done mortgages overages? Is this a better set up?

Ok thanks I was trying to collect overages in GA I spoke to an Attorney and they mentioned several things.

1.  That POAs are no longer acceptable in GA and can't be use. 

2. That only Attorneys can help the claimant. 

3. That the courts are hiring outside firms to take care of surplus. 

4.That  GA regulations cap fees at 10 percent.

I would not be surprise if the government start going after folks for not following regulations a way to collect more money.

There was an interesting case Indiana Attorney General Greg Zoeller files suit in tax-sale scam. While though this situation is not same that news story has placed a spot light on this industry and all are being watch.   The case has set a precedent.

 Do you know of any attorneys or how does one go about finding one who does overages?

I can't imagine a Judge will sign off or agree to fees that he would deem as predatory.  I am going dive a little deeper in the interpleader process.

If I were have the POA in my name I will need to submit an interpleader to the Judge? Have you every done before and or know if any one who has? How successful were they? Hm I thinking Ned that perhaps I need to change my business model and place these services under my non profit that I plan to launch later this year. I am thinking ones credibility and reputation is so important and I don't want to be known as a predatory person taking advantage of people who are vulnerable especially now with the Covid-19 and this bad economy and this is my own personal opinion about making decisions that I can live with and your comment from that older thread has made me rethink the fees portion, every case will be different but in the meantime I will tried to locate an attorney. I can only imagine what their fees are.

From my understanding the check is issued in the name of the claimant, not your name as the property is theirs,  most folks are using a POA, however, check with your bank and see if they will accept a check with a POA, they call it third party, I called several big banks in my area and they informed that if the check is not written in my name I can't deposit and that it will be returned. I explained about the POA and banks don't have to abide by them.
In regards to how this is tax, talked with your CPA on tax implications for you and your claimant and how best to structure your deals.

Ned I was reading some older comments on another thread about the overage program and how people views  this as taking advantage of the vulnerable, all your points well taken. Perhaps what I can do is approach this business from a different angle.  In your opinion what is a reasonable fee? 

Thanks Ned for your input when I asked the trainer about the POA's he said that I was making an issue when there was none and no one was having problems. I told him, but you don't understand had I showed up at the bank with several large checks that were not in my name and my signatures on the back of them assuming I could deposit based on the instructions provided then I would have been in for a rude awakening, plus no doubt other branch officials would have been called in, I would have looked very suspicious. I am glad that I questioned the POA's prior to getting checks, but no matter how this is slice as you stated that this was not an easy business.

When I spoke to an Attorney here in Cali last week he stated that banks can refused to take POA's of which I was not aware of and that the way this Overage business is set up that the POA's created a conflict of interest because I am benefiting from the claimant that I was meant to assist, interesting too he stated that POA's were meant for when a person is incapacitated and basically were not designed or meant to be used as I was trying use in this business.

Perhaps this is a California thing not sure about other places yet. 

I am not sure if there are other alternate ways to collect finders fees, if you don't have an attorney to assist.

Hello does any one know of a Real Estate Attorney in GA that works with tax sales overage businesses. Most folks are depositing claimant checks in their bank accounts using a POA, I spoke to one Assistant Manager here in Cali and she stated that they would not accept a check that was not endorse to me. I called another bank and they spoke to their Legal Department and I got the same response. Apparently, only attorneys are permitted by the banks to open up a Trust account with their clients. What a potential nightmare, had I sent out the forms to my claimant endorse them only to find out the banks refuse to accept. I would have had to tell my claimant and would have looked like a scammer, At this point I would much rather have an Attorney in the event, if issues were to arise.