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 reckon?
Is Processing HUD mortgage refunds at home legitimite?
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Whenever a HUD mortgage is retired the mortgagee gets a statement about the possible refund of any unearned mortgage insurance premium and is questioned 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 really 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 ancient the mortgage was when it was paid off. I refinanced a 3 year ancient 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 ancient, there is no refund due at all.