New Refunds of Unclaimed Mortgage Insurance Premiums

While it’s not necessarily free money from the government because you actually paid for it, many people have found missing refunds from Federal agencies like FHA or HUD for past FHA unclaimed mortgage insurance premiums.

When a person has an FHA loan or mortgage for a home they are required to pay mortgage insurance premiums.  The reason is that lenders offer these home buyers a better interest rate and terms than they could afford in the normal marketplace so they are concerned about homeowner mortgage defaults.  The mortgage insurance is a hedge against default by the homeowner that will pay out to the lender in the event that the homeowner does not make good on mortgage payments.  These homebuyers are required to pre-pay these premiums at the initiation of the loan and monthly.  When the homeowner sells the home later there is usually a small refund that can be a few dollars to hundreds of dollars leftover that is owed to the homeowner.  Many times FHA does not send the refund to the new address of the person that sold the home, and if the homeowner doesn’t know to look for it on the HUD statement at the closing, FHA just holds it indefinitely.  Now HUD has set up a specific place for past FHA mortgagees (that is past homeowners with an FHA loan) to look for any possible refund that may be due to them.

Search FHA Mortgage Insurance Refund

unclaimed mortgage insurance premium FHA refund

A few extra dollars held by FHA may be yours?

These refunds are available to you based on the specific address in which you had the FHA loan and are available in most states. Enter your last name or the FHA case number if you still have it from your loan paperwork. The HUD refund site will locate whether your name is associated with a particular refund that may be due to you. You can begin the short process for having your premium refund mailed to you directly from the HUD site.

If you are not eligible for a refund of mortgage insurance premiums you may find other interesting ways to save money on your next mortgage loan here.

 

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