|
HUD Owes Money to FHA Borrowers
(August 9, 2005) -- The U.S. Department of Housing and Urban Development owes $500 million to 700,000 borrowers of mortgages backed by the Federal Housing Administration.
The refunds for upfront mortgage-insurance premiums paid at the closing table average $600 per borrower. Those who are eligible for refunds had the insurance canceled three to seven years after receiving FHA approval, either by refinancing or repaying the loan.
Borrowers who moved without providing a forwarding address should search HUD's database at www.hud.gov to find out if a refund is waiting to be claimed. They should avoid third-party tracers that charge a few hundred dollars to more than $1,000 to obtain the refunds on their behalf.
The only tracing firm with a HUD contract is Baltimore, Md.-based Immediate Systems Resources Inc., which does not impose a fee to help borrowers get their refunds.
Source: MarketWatch (08/08/05); Liberman, Gail; Lavine, Alan
|
|
|
HEADLINES
|
FEATURE STORY
|
NEWS ARCHIVE
|
|
|
