A source of online extra income can be through processing refunds on behalf of individuals who are unaware about their unclaimed funds. Mostly from tax refunds, FHA home mortgages and other amounts which people are unable to trace. There are many online jobs to help such people retrieve their money. It is a simple process though not a quick rich scheme. Efforts and time is required to learn about doing it as well as getting started.
Software are available in the market through which one can trace the lost money though not necessary, but helps a lot in earning at a faster pace. It is available in the market for less than $100.
How to Process Unclaimed Money
A record is maintained and regularly updated by the US government giving details about the refunds available to individuals. This information can be utilized by the unclaimed-refund processors who check these documents and ascertain which refunds are worth following. Being a freelance opportunity it depends upon the processor how much time is invested by him.
How Do People Forget About Money?
Millions of homes are financed and refinanced every year. Many of them being FHA home mortgages under which borrowers are required to pay for a mortgage insurance premium insuring that the loan will be repaid. However, when the insurance is withdrawn before completion of loan term and within 84 months, portion of the premium paid is refundable. Borrowers are informed about the terms of cancelation while taking the loan but are usually forgotten, hence leaving the amount unclaimed.
How Does the Processor Get Paid?
The funds that are unclaimed are accumulated in accounts building interest over the time. The processor locates the information through research of the Housing and Urban Development database. The person is located in the list and verified, if it is the same person. Once verification is completed, the processor requests the property owner to enter an agreement for payment. A percentage of the money recovered is paid to the processor by the property owner.
How Much Money Can be Made?
Though every online work-at-home job option offers potential income, the fact prevails that the money earned is in direct proportion to the effort and time given for working on the product. However, processing unclaimed refunds and money arising from home mortgage loan insurance premiums and many other such debts is worthwhile.