Sep 20, 2010

Last-Ditch Ways to Scrounge Up Down Payment Money

Are you among the prospective homebuyers who's checking statements from your every bank account, and shaking every piggy bank, thinking, "There must be more here -- or somewhere?"

Every dollar counts in the quest to put together a down payment, especially now that the lending industry has gone back to requiring 20% down in most cases (though government-backed loans are available with less.)

It is, in fact, possible that you've lost track of some of your money -- and might want to take a look at Consumer Reports October 2010 issue, which contains an article called "Where to find lost loot."

For example, they suggest checking out www.missingmoney.com, a collaborative effort between state governments and various financial institutions. By entering your name, you can search for reports of unclaimed accounts or life insurance proceeds.

Your forgotten 401(k) plans might turn up at www.unclaimedretirementbenefits.com. Matured savings bonds can be located at www.treasurydirect.gov/indiv/indiv.htm.

This is when it actually pays to have been forgetful or careless in the past! Happy hunting.