Lost escrow amounts are another main contribution to the large amount of unclaimed money lying with the state treasure. Escrow amounts are the cash deposited with a third party during any deed between the two parties. Securing the amount separately assures both the parties involved in the agreement that the other party will not default either on the payment or the project. The escrow amount remains unpaid till all the conditions of the contract between the parties are met or it is paid partially after completion of every step of the project.
Many legal proceedings, real estate deals, bidding for projects, etc need the parties involved to create an escrow amount in the interest of the participants. Often this escrow amount is kept with banks or financial agencies till all the parties involved agree for the release of the payment. Many online transactions and projects also require escrow amounts as it is difficult to trace the person or party online.
However, many times owing to some unavoidable reasons, projects remain uncompleted and the amount lie dormant with the depositor. Many such escrow amounts have gone unclaimed and now state treasurers are sitting on it with the need for owners of the escrow amount to come forward and take it away.
How Escrow Amounts Get Lost?
Escrow amounts deposited with the banks as a security for big projects often remain idle for long as big projects take more time for completion. Often some legal and technical difficulties develop leaving the project incomplete.
Disputes between the parties often go unresolved resulting in unclaimed escrow amounts. Huge unclaimed cash resulting from escrow amounts are adding up to an unclaimed cash and property in U.S. that is worth over $32 billions.
State governments are trying their best to return this unclaimed and forgotten escrow amount to the rightful owners. As the escrow amount involves more than one party, it is difficult to trace to whom exactly it belongs. Generally, it is sent back to the depositor. But, given the business environments with which escrow amounts are related, tracing old businesses or the owners is indeed a hard nut to crack.
Most of the businesses have shut shop or changed addresses. Not only that, many escrow amounts linger in dispute for years. This makes the state governments’ and other financial agencies’ task of returning escrow amounts even more difficult.
Get Back Your Escrow Amounts
If you have dealt with an escrow amount at any time and have either deposited or deserved to get your money back from an escrow amount, it is the right time to do so. Get in touch with your bank, financial agency or the state treasurer office to find out if any lost escrow amount is lying in your name.
Online searches are the easiest option available to find out any unclaimed cash or property lying in your name. Visit www.cashunclaimed.com and search in one of the largest databases of unclaimed money in the world. This website facilitate simple and speedy search for all kinds of lost money including lost escrow amounts. If you find any such amount in your name, then the website also provides plenty of tips and instructions to file your claim.
You never know and you may get back lost escrow amounts that you though you can never recover.