Is your money hiding from you?
This may seem like a strange question, but there are millions of dollars in unclaimed funds sitting in state government coffers at this very moment, and some of that haul could be yours. In fact, one of the most common types of unclaimed assets is a mortgage loan refund. Below we’ll discuss everything you need to know about this type of unclaimed property.
Who Gets Mortgage Loan Refunds Anyway?
Obviously, you won’t be owed this type of refund if you’ve never held a mortgage, but the type of mortgage you held is also important to this scenario. Specifically, if you ever had a Federal Housing Administration (FHA) mortgage loan, you may have a refund awaiting you. This is because FHA loans often offer a partial refund of the mortgage insurance premium you paid, or there may be excess earnings from the fund. Sometimes, you’re due a refund for both reasons!
How Does a Refund Become Unclaimed?
If you had a mortgage loan refund coming to you, you would know – wouldn’t you? Oftentimes, due to breakdowns in communication between mortgage holders and the FHA, or simply through confusion about the mortgage loan process in general, you may not have any knowledge that you were due a refund. The FHA will attempt to contact mortgage holders who are due money, but it can be difficult to reach people who have moved, abandoned old email addresses or phone numbers, or changed last names. These life occurrences are normal and frequent, meaning the FHA sometimes just can’t find you to send you a check.
What to Do if You Think You’re Owed a Mortgage Loan Refund
While free state-based search engines for unclaimed assets are available in all fifty states and the District of Columbia, the U.S. Department of Housing and Urban Development (HUD) offers a handy tool specific to searching for unclaimed mortgage loan refunds. To complete the search, you’ll need the following pieces of information:
- Your last name at the time you applied for the mortgage loan
- Your FHA case number
- The name of the city where you owned the property
- The state in which you held the FHA-insured property
Armed with this basic information, you can complete a search. If you find your name and an unclaimed mortgage refund, HUD lists a telephone number to call as your next step. This will allow you to speak with a HUD representative who can assist you in filing a claim on your found asset. The website also notes the telephone number you can call if you do not find your name in the HUD search, but you still have reason to believe you are owed a mortgage loan refund. In this case, a HUD representative will personally attempt to verify your refund status for you.
Finding a lost dollar bill in your pocket weeks or months after you it there is always a good feeling, and locating an unclaimed mortgage loan refund offers that same thrill magnified. If you think you may have money owed to you, what are you waiting for? Conduct a search through HUD’s online tool today.