Mortgage Insurance Refund
Locating Mortgagors Owed a Distributive Share or Mortgage Insurance Premium Refund from the Mutual Mortgage Insurance Fund
HUD attempts to contact mortgagors who are due refunds; however, HUD was unable to locate individuals who are due payments. After a 2-year location cycle, cases remaining unpaid are turned over to us under the Freedom of Information Act (FOIA) of 1986, as amended, our function is to locate these individuals and for a fee return the refund to them.
We are searching for mortgages which were paid off from 1977 through 2 years ago
The FHA does not actually lend the money to purchase the home. The FHA stands behind the mortgage loan, in the event the homeowner does not repay the mortgage, FHA will repossess the home and sell it to recover the loss.
There are many different reasons, but they all boil down to one fact. There are many unclaimed dollars sitting in the HUD/FHA shared distribution section, with approximately 95% of the FHA/HUD borrowers not asking for the return of their money. With the addition of new names monthly, and such few individuals being found and refunded the money due them, this fund grows each month at an amazing rate.
What we do for you
Over a period of time the fund has grown quite large and the General Services Administration (GSA) has ordered HUD/FHA to dispose of the money accumulating in this account.
HUD/FHA has agreed to let individuals, like us, become "tracers". What we do is locate the borrowers that are due refunds.
We are not working for the U.S. Government. We are working for you, the borrower due the refund. The fee that we charge is used to cover the expenses we incur to locate or 'trace' each borrower and the administrative expenses we have.
Why You Need Us
We Eliminate Frustration for You
As a tracer of mortgage insurance funds we are fulfilling a tremendous need for our clients. If the borrower is not contacted by HUD/FHA, it becomes very difficult to recover the money due to them.
We find many people have already made an attempt to have the money refunded. However, without information on the necessary procedures, they have become extremely frustrated and are glad to turn the program over to a competent tracer.
Will Make You Aware That Money Is Due
At the act of sale or closing of a HUD/FHA loan, it is the responsibility of the loan officer to inform the buyer of the 1/2 percent insurance fund. Unfortunately, this is seldom done and when it is done many people do not understand or forget that the money is waiting to be returned. We not only locate the money but help you get the refund.
What To Do Next
You need to request our Contract Agreement Click here to go to our secure site and fill out a request form. We will contact you as quickly as we can.
There are four simple steps you need to follow after you have
received
the contract, in order to collect your check:
1. Send the signed Contract Agreement back to us,
this is just to assure that we are paid for our services after
successfully helping you receive your government refund.
2. Next we will send you a Found Case Form, for you
to fill out. This is simple information such as your current
address, and your FHA property
address. On this Found Case Form you will
see a case number, this is your unique number to
identify your case, write this down, you may need to refer to it
later. In cases where two people are shown as refund recipients,
both signatures will be required at all times. Mail this completed
form back to us.
3. We will then contact HUD and notify them of your case. HUD/FHA
will then mail a HUD-2042 Form, "Notice of
Distributive Share of Premium Refund" to you. You will sign the form
(Remember, in cases where two people are shown as refund
recipients, both signatures will be required)and return the
form with proof of ownership. This can be in the
form of a canceled Deed of Trust, Note, Quite Claim Deed,
or any other form of Deed showing the mortgage was paid in
full.
4. Upon receipt of the completed HUD-2042 Form,
HUD/FHA will send the
refund check. Within 5 days of receiving your government check, a
check or money order must be made payable to Casa Investments.
The U.S. Department of Housing and Urban Development (HUD) is
NOT a party to any agreements, financial or otherwise, between the tracer, Casa Investments, and the claimant(s), you.