PANNING FOR HIDDEN SURPLUS FUNDS RESOURCES PAGE
PROGRAM UPDATES - please read
NEW STATES ADDED - WA & OR ADDED!! - POSTED 3/10/2025
We have added Washington and Oregon for Panning file submissions. We have updated the STATE CHART, SPECIAL RULES & ACCEPTANCE DATES Chart.
You can now work 24 States with the Panning Program!
TEXAS IS BACK!! - POSTED 10/18/2024
Texas is back for Panning file submissions. We have updated the STATE CHART, SPECIAL RULES & ACCEPTANCE DATES Chart.
NEW STATES - NJ, CA & UT ADDED!! - POSTED 7/23/2024
We have added 3 States to the Panning system. We have added, New Jersey (NJ), Utah (UT) and added back California (CA). You will now be able to work these 3 states. We have updated the STATE CHART, SPECIAL RULES & ACCEPTANCE DATES Chart, adding some helpful information on working NJ and CA files.
DECEASED EX-OWNERS - POSTED 6/27/2024
Good news!! We will now work files where the ex-owner(s) are deceased. There will be additional fees taken out of the net commissions to cover costs associated with opening probate and working with heirs. Worksheets have been updated to reflect this change. Please use the updated worksheets.
SALE DATE - POSTED 5/15/2024
You can now use the Foreclosure Deed recordation date as sales date. This will effect the monthly max dates as you can use the Foreclosure Deed date. This should help you be able to work more files in certain states that delay the foreclosure deed months after the sale.
MINIMUM ESTIMATED SURPLUS NOW $35,000, WORKSHEET UPDATED - POSTED 3/10/2023
We have raised the minimum estimated surplus amount to $35,000. This move was made due to additional fees, accrued interest on defaulted debt and trustee/court commissions.
Worksheets have been updated to reflect the changes.
UPDATED LOUISIANA & OKLAHOMA INFO - POSTED 2/13/2023
Please view the STATE CHART, SPECIAL RULES & ACCEPTANCE DATES chart for updated information on working Louisiana and Oklahoma files. There is a new special requirement that will be needed going forward.
SUSPICIOUS OPENING BIDS - POSTED 1/17/23
Going forward, we will not accept files with suspicious even number minimum or opening bids. Minimum or opening bids ending with 00 or 000 (2 or 3 zeros) will not be accepted. For instance, bids like $100,000, $125,000, $150,000, $58,000 are arbitrary and not a real indication of the mortgage debt owed. Also, opening bids that are the same as the original loan amount are not real and will not be accepted. It is not possible for the foreclosing loan amount to be exactly the same as the original loan amount.
important notes - please read
NEW RESEARCHERS, 3 FILE RULE - PINNED
You will have to successfully submit 3 total files before you can submit as many as you like (up to 100 per month). The rule is you have to submit 1 at a time correctly and have it accepted until you reach 3 total. After you have 3 total accepted files you can submit as many as you like, up to 100 per month. There are many new researchers making errors (totally okay at first to make mistakes) it only made sense to bring the number down. Thank you for understanding.
How this rule works, you submit your first file and wait to see it on the files being worked list (can take up to 3 business days). Once you see it on the list with your name next to the file, you can submit your second file. You again wait for the file to appear on the list with you name next to it. Follow the same step for the third file. If there are any errors with your file, we will notify you via email of the errors. Kicked back files will not count as accepted file or count towards any of your first 3 files. All accepted files will go on the files being worked list.
OLDER FILE PURGE - PINNED
On January 1 each year we will purge older surplus files. These files will no longer be shown on the surplus update lists on this date. We want to clean up our file list and files we have and prioritize files that can still be worked. Going forward we will only work surplus files for 1-2 years.
Thank you for your understanding. Please download and review the chart below to see when files will be purged. thank you.
MAX MONTHLY FILE CAP
You can turn in up to 100 accepted files per month, without previous special permission.
NOTE ABOUT LISTS
Some lists you find that you will not be able to go back in time and get preliminary information after the sale. Many 3rd party attorney sites in non-judicial states simply remove the past sale information.
This is why it is very important that you create your own lists using a spreadsheet like excel, so you can track all sales and check back after the auction and see if the property sold.
NOTE ABOUT ESTIMATING SUPLUS FUNDS
Please note, because you are estimating surplus funds there will be some discrepancy between the estimated value and the actual value held. Most times it will be under $5,000, but in some cases can be more. If the actual held value is too low, we may decide to not work the file.
Also, because we are estimating and not verifying funds, we will not accept older files, see the STATE CHART, SPECIAL RULES & ACCEPTANCE DATES chart for list of states and acceptable dates.
IMPORTANT NOTE ON DEEDS
You must include a copy of the owner's deed at time of foreclosure (the person who was foreclosed on - see file video for clarity). You must write all owners on that deed in the deed holder(s) at time of foreclosure. All person(s) listed as owners are entitled to surplus funds and also must be included on the conclusion page.
We will not work any file were you do not include a copy of the deed for the last owner at time of sale. Types of ownership deeds include, warranty deed, quit claim deed, grant deed or speical types deeds like bargain deed or deeds that transfer through a probate or estate.
A deed transfers ownership of real estate. It contains the names of the old (grantor) and new (grantee) owners and a legal description of the property, and is signed by the person transferring the property. The owner at time of sale is the grantee on the latest deed. You can't transfer real estate without a deed.
A deed of trust or a security deed is not an ownership deed - a deed of trust/security deed is a security instrument for a loan between a borrower and lender, it is a mortgage.
FILE UPDATES
We will no longer provide monthly updates upon request. Instead we will immediately contact you every time we get one of your files under contract. This will allow us to spend more time working on your files. As always, in the event of a conflict between the ebook and the resources and support pages override.
GETTING STARTED
PLEASE COMPLETE OUR INDEPENDENT SUBCONTRACTOR AGREEMENT
This is an online form, you will fill out the information, sign and submit to us. This will have to be filled out asap and before we will pay you.
Independent Subcontractor Agreement
WANT PERSONAL MENTORING?
We offer free email support and we have free webinars twice per month. However some individuals have requested personal mentorship. We now offer live, 1 on 1 training with Shawn and Jeff via zoom video conference call. Cost is $750 for 1 hour. Please keep in mind, this is offered because it was requested. This is not needed as we offer free support with all purchased programs. Please click the link below to sign up.
Live Personal Mentoring!
GOT QUESTIONS?
All program questions MUST be asked by using the support ticket system as outlined in the ebook. Any direct questions sent not using the support ticket system will be ignored. Please make sure to read the ebook and the FAQ section in the ebook to see if your question is already answered.
PAST BUYER LOYALTY DISCOUNTS
We offer many of our non partnership programs at a reduced price for our past buyers.
file rules - READ ALL PRIOR TO FILE SUBMISSIONS
FILE RULES, DO THIS CORRECTLY
1. Send the file, to paperwork@surplusfundsriches.com when you use email - do not use zip files, do not send in links for documents , put the case name(defendant) in the header of the email. Please combine the documents into one attachment. If you don't put the defendant name/case name in the header of the email, we will skip this file submission and get to it later. If this causes you to lose the case to another researcher, that is on you. File should be no more than 50 pages total. If you have more than 50 pages, you are most likely including pages we do not need or ask for. We will kick back files with 50 or more pages. We will not open any files with attachments over 25mb.
Please read - we have up to 3 business days to process the file or respond with errors. Our business hours are Monday - Friday, 9:00am to 4:00pm eastern time. All files submitted after business hours, the 3 days start on the next business day. For example, file submitted on friday at 8:00pm, 3 day window will start Monday at 9:00am since our office is closed weekends. Our office is closed for most major holidays and will not count as a business day.
2. Minimum case for us to pursue is $35,000 - not 34,999.99. We pay to you 40% of net surplus we collect from the court.
3. If you complete your case research, and the last owner was a bank or a bank is entitled to entire surplus amount, we will not take the file. If you complete your case research, and a lien holder or lien holders are entitled to entire surplus amount, we will not take the file. However, we will take any file where there is a lien holder or bank entitled and that still leaves at min $35,000 to the ex-owner. For instance, you find an open mortgage for $25,000 and the surplus is $60,000. We will take that file because it will leave $35,000 for the ex-owner. If there are open liens, judgments or mortgages, the total plus interest must leave at min $35,000 for the ex-owner(s) for us to accept the file.
4. On the worksheet, we need the physical address of the foreclosure (ie: 123 Main St, Anytown, NC 28999), not the claimant's notification address. Do not put in parcel id #, tax id #, or legal description, unless there wasn't a physical address - vacant land. Do not leave blank, need an address or legal is land. We still need a city, state and zip even if land and no physical address.
5. Feedback - we will let you know when you get a claimant under contract and have the case set to petition.
6. Submit all required documents on the chain of title worksheet, if we are missing documents, we will not work your case. Also, remember to complete the correct chain of title worksheet, research mortgages, liens and judgments. Fill out conclusion sheet.
7. Put files in order - make sure when you submit files to us, you have the chain of title worksheet first, followed by the supporting docs. If your files are not submitted in this manner, we will not work it. You will have to resubmit in correct order.
8. When submitting a file with mortgages in line for the surplus, do not send the entire mortgages/lien/judgment document as they can be many pages. Only send the first 3 pages.
9. We will only take panning for hidden surplus files in select states. See the chart for acceptable states on this page. Please also review the notes for each state and timeframes we will accept after the sale.
10. We will not take any file where there is an active motion or claim to surplus by the owner.
11. If more than 1 owner, not married, we need at min $35,000 per person to work. Example - 3 owners on deed, all unmarried, there needs to be at minimum $105,000 in surplus for us to work the file.
12. Please write all persons listed as owners on the deed on the worksheet where it says, 'deed holders at time of foreclosure'. These names must also be on the conclusion page as they are entitled to surplus. Remember, person being foreclosed on and deed holders may include more or less people.
13. If your file is not accepted, we will notify you via email. You can make corrections and email entire corrected file to paperwork.
14. All pages of this worksheet must be filled out correctly, if there are no mortgages or liens/judgments, those pages can be left blank but you still must include with file.
15. Fill out conclusion page correctly, if there is debt – it goes in first positions based on recordation date and end at the ex owner (deed holder(s)). Do not leave the conclusion page blank, we will reject the file.
16. If ex-owner is a corporation, llc, llp or dba, we will not accept the file.
17. If the ex-owner is deceased, we will now accept the file.
18. We require researcher name on file, first and last. No companies or llc's.
19. Check the files being worked list. If the file is listed, do not send in as we already have it.
20. Opening bids that are the same as the original loan amount are not real and will not be accepted.
21. We will not accept files with suspicious even number minimum or opening bids. Minimum or opening bids ending with 00 or 000 (2 or 3 zeros) will not accepted. For instance, bids like $100,000, $125,000, $150,000, $58,000 are arbitrary and not a real indication of the mortgage debt owed.
UPDATED WORKSHEETS - UPDATED 6/27/24
The worksheet is password protected using the password on page 2 of the Panning ebook. Make sure you enter the password correctly with no spaces before or after and no capital letters.
STATE CHART, SPECIAL RULES & ACCEPTANCE DATES
Make sure you download and view the most update to date chart below. This Document is password protected using the password on page 2 of the Panning ebook. Make sure you enter the password correctly with no spaces before or after and no capital letters.
FILES BEING WORKED LIST
PLEASE MAKE SURE TO CHECK THE FILES BEING WORKED LIST PRIOR TO SUBMITTING YOUR FILES TO PAPERWORK. LIST IS UPDATED 3 TO 5 TIMES PER WEEK.
STARTING 2/20, THIS LIST WILL CONTAIN ALL SURPLUS FILES THAT WE ARE WORKING. THE LIST WILL HAVE NATIONAL, FLORIDA AND PANNING SURPLUS FILES IN IT.
VIDEO SECTION - PROTECTED
PANNING VIDEOS - Click the link below to access the videos for the Panning program. The video page is password protected using the password on page 2 of the Panning ebook. Make sure you enter the password correctly with no spaces before or after and no capital letters.
LIST RESOURCES
AUCTION.COM - https://www.auction.com/calendar/all