Is Processing HUD mortgage refunds at home legitimite?

Question

I see alot of sites that offer process mortgage refunds at home and earn 20% on the internet. Are they real? I'm thinking of joining one of them. What do you think?

Answer 1

Whenever a HUD mortgage is retired the mortgagee gets a statement about the possible refund of any unearned mortgage insurance premium and is asked to provide a forwarding address for any refunds. This statement also advises them that they are under no obligation to pay any fee to any third party in order to receive the refund of the unearned insurance premium. It also provides the HUD contact details to check on the status of any refund.

While it's technically legal, the odds of actually finding anyone who is due a refund are very low. Even if you did, your "customer" would only need to contact HUD directly to receive the refund, cutting you out of any "commission" due. Among other insults, you are requied by law to tell the individual that they can get their money directly from HUD without having to pay you a penny!

Most of the money made on these schemes is the fees charged for dupes to sign up as "finders". From a practical standpoint, this is just another SCAM. A legal one, but a SCAM just the same.

FYI, the typical refund is only a few hundred $$$. It depends upon the original amount of the mortgage and how old the mortgage was when it was paid off. I refinanced a 3 year old HUD mortgage about 10 years ago and the insurance premium refund was around $225.00. 20% of that would have been a measly $45.00. Once the mortgage is about 6 years old, there is no refund due at all.

Answer 2

rip-off. it is likewise unlawful. in case you call HUD, they allow you to appreciate that this is a hundred% criminal to examine the refunds and deliver a word that a shopper is due a reimbursement. despite if, this is unlawful to cost them for the education to get it. this is easily a legal. undergo in ideas, that there is not any paperwork required with a view to get a reimbursement on FHA MIP. All you need to do is call them, be sure your detect, and that they are going to deliver you a verify.