It could be an early holiday gift. Are you among the hundreds of thousands of homeowners across the country who have been reimbursed by federal housing authorities?
Homeowners who overpaid their mortgage insurance payments on Federal Housing Administration (FHA) loans a few years ago now need more than $400 million in refunds.
And now there’s an easy way to see if a homeowner is on your list.
However, NBC 5 Responds found many who said they didn’t know a federal IOU was waiting for them.
Homeowners like Wendy Young from Dallas, Texas.
Young said after NBC 5 Responds in Dallas told her she owed more than $1,700.
Young said the money back in her pocket made a big difference.
“It all added up to the amount of my mortgage payments, monthly mortgage payments,” Young said.
Young is not alone. Here in Chicago, Logan Raul and Teresa Magana in his square were stunned when NBC 5 shared the news that they were also heavily in debt.
“Your refund, Raul and Teresa Magana, is $4,172.55,” said Raul Magana, reading a print out detailing the refund. “This will help a lot of my family.”
These homeowners have one thing in common. A few years ago, they took out an FHA loan that required mortgage insurance and overpaid.
Currently, US Department of Housing and Urban Development (HUD) officials have a list of homeowners nationwide.
Tens of thousands of IOUs to be exact.
Nationally, HUD figures show nearly 800,000 unpaid cases totaling over $401 million. HUD told NBC 5 Responds that he’s trying to get in touch with whoever owes him this money, but many homeowners we’ve tracked have said nothing about it before our call. He said he hadn’t heard a word.
“Because they aren’t looking,” said Humboldt Park’s Juana Sanchez, who learned she owed over $600.
Do you have a refund obligation? To find out if you are in debt, search your name in the databases below, or click hereIf you are on the list, Click here to check your refund on the HUD website, to start the process towards acquisition. See below for details on that process.
The process of obtaining a refund may take some time.
NBC 5 found that HUD confirms that people owe these funds, and the process of actually paying them can take between 4 and 12 weeks.
If a homeowner finds their name on the list, the next step is to contact a HUD representative to initiate the refund application process.
The process involves the homeowner receiving a specially prepared form labeled “Form HUD-27050-B” from HUD officials. The agency told NBC 5 that it will only share that form with homeowners by mail through the Postal Service and is working to reduce the amount of documentation homeowners need to provide to receive a refund. Told.
Still, homeowners who went through the process said it was worth it.
“Go ahead and check it out on the HUD website. You never know,” said Young.