Home Based Business Opportunities - Mortgage Insurance Refund
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While purchasing a house, individuals have to pay an FHA insurance premium, that is, a mortgage insurance policy. When the mortgage terminates, these customers are eligible for a refund. Many people, however, do not claim a refund. The Federal Government has set up a body to return the refund to more than 100,000 individuals who are due FHA insurance refunds totaling over $120,000,000 and growing.
There are certain conditions under which the customers are eligible for refund. They should have acquired your loan after September 1, 1983, should have paid an up-front mortgage insurance premium at closing, and did not default on their mortgage payments.
Processing FHA insurance refunds is a real job under the Federal Government to assist them in finding and returning unclaimed mortgage insurance refunds to individuals. However, many companies and individuals have abused this opportunity in numerous ways. They either claim or advertise themselves as “official representatives” of HUD/FHA, or mislead people as “tracers” working for HUD/FHA, paid by the Government. These scammers might even present themselves as an employment agency that has jobs to offer as tracers, for a finder’s fee.
Many people have re-scripted the material for supposed “manuals” but they are not Unclaimed Asset professionals. Besides, they do not offer any support. Many even resell or offer outdated copies of unclaimed cases. HUD updates the states’ lists of FHA unclaimed insurance refunds each month.
The government’s generosity and concern is questionable. The individuals to whom the refund is due can be traced through tax and social security records, but this effort is rarely made. They simply send a mail to the last known address of the customer, after which they can claim their refund within 6 years. HUD hides the names of refund owners until the refund is at least 2 years old before releasing the names to tracers or showing the name on their refund search website. Without the help of a lost money tracer, unclaimed refunds go into the pockets of the government.
The truth is that most people are not even aware of the fact that a certain amount of money might be waiting for them. All those who purchase mortgage insurance are advised to keep track of any refunds that may be due to them, and avail them in good time.
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