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Nov 20, 2023 New Mexico residents owed $340 million in unclaimed money

Gary Sandler

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Published 20 November 2023

A few years ago, I received an urgent email from my sister. The subject line read, “Found Money!” She went on to explain that on a whim she decided to search the internet for databases containing the names of people who are owed money for one reason or another.

To her surprise, and mine, she learned that an eye-popping amount of money was owed to our grandmother who passed away in 1976. Since we were the sole remaining heirs to her estate, the money was rightfully ours. We submitted our claims and received our funds within a couple of months. A quick check of this writer’s name last week surprisingly revealed three additional unclaimed amounts, albeit each holds an amount below $100.00.

Unclaimed funds are money and other assets whose rightful owner cannot be located. Unclaimed funds are typically turned over to the government after a statutory “dormancy” period has passed. Most states require that money and assets be turned over to the state once 5 years have passed. The two-step claims process, while a bit time consuming, is easy and free. Step one is to locate the unclaimed funds. Step two is to complete the process required to claim the money or assets.

Categories of unclaimed funds are numerous and can include abandoned or dormant back accounts, abandoned safety deposit boxes, unclaimed state or federal tax refunds, life insurance payouts, monies owed to bankruptcy creditors, FHA mortgage insurance refunds, monies left on gift cards, unclaimed retirement benefits, stock dividends and many other sources.

Unclaimed funds in New Mexico are held by the New Mexico Taxation and Revenue Department. Checking to determine if you are eligible to claim funds is as easy as logging on to https://www.tax.newmexico.gov/, opening the “Individuals” menu and choosing “Unclaimed Property”. The Department’s Unclaimed Property Unit was holding $340 million in unclaimed funds as of June 30, 2023, including more than $52 million deposited over the previous year. During that same time, the unit paid 6,978 claims totaling $11,821,715.54.

The National Association of Unclaimed Property Administrators maintains a state-by-state database that can be accessed at https://unclaimed.org/. The site allows you to insert your name or names of relatives who lived in other states. Other official databases include:

● U.S. Treasury https://www.usa.gov/unclaimed-money

● FHA mortgage insurance refunds https://entp.hud.gov/dsrs/refunds/

● National Credit Union Association https://www.ncua.gov/support-services/conservatorships-liquidations/unclaimed-deposits

● U.S. Bankruptcy Court https://www.uscourts.gov/services-forms/bankruptcy/unclaimed-funds-bankruptcy

● Federal Deposit Insurance Corporation (FDIC) https://closedbanks.fdic.gov/funds/.

● U.S. Government https://www.usa.gov/unclaimed-money

An internet search will provide links to additional search opportunities. Just make sure they are legit before providing personal information to look-alike or scam websites.

See you at closing.

Gary Sandler is full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces, New Mexico. He loves to answer questions and can be reached at 575-642-2292 or Gary@GarySander.com.

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