gigigirrl
Posts: 81
Joined: 3/27/2006
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Wanted to post about something that I did a couple of months ago. If you had an FHA-insured mortgage, you may be eligible for a refund from HUD/FHA.
Go here
If you have sold, paid off early, or refinanced an FHA insured mortgage, you might have a refund coming to you.
There are two types of FHA refunds; premium refunds and distributive shares. A premium refund gives back a portion of the insurance premium to you. With a distributive share, you may receive a portion of the excess profit from the Mutual Mortgage Insurance Fund. However, there are eligibility standards for both types of refunds.
In order to qualify for a Premium Refund you must have:
Acquired your loan after September 1, 1983
Paid an up-front mortgage insurance premium at closing AND
Not defaulted on your mortgage payments
For a Distributive Share Refund you must have:
Originated your loan before September 1, 1983
Paid on your loan for more than seven years AND
Had your FHA insurance terminated before November 5, 1990
There is currently over 750,000 unclaimed accts in excess of $250 million in FHA unclaimed insurance refunds. This amount is expected to rise to over $300 million by the year 2008.
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