Home News Overpay for Mortage Insurance? You May Have Money Waiting To Be Claimed – NBC 5 Dallas-Fort Worth

Overpay for Mortage Insurance? You May Have Money Waiting To Be Claimed – NBC 5 Dallas-Fort Worth

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The U.S. Department of Housing and Urban Development is providing millions of dollars to thousands of Texans who overpaid their mortgage insurance.

NBC 5 Responds helped track down at least one North Texan in debt.

“It was a bit of a happy moment.”

It took Wendy Young seconds to find over $1,700 in money.

“It was kind of a happy moment,” said Young. “In the end, it added up to a mortgage payment for me, a monthly mortgage payment.”

Young said she contacted HUD, filled out a refund application, and recently received an updated email saying the agency was processing her request.

number of unpaid incidents

Young was just one Texas homeowner who didn’t know he was obligated to get an overpaid mortgage insurance reimbursement when he took out an FHA loan on his home.

Federally backed loans require the purchase of mortgage insurance, and some homeowners may have prepaid insurance premiums.

As of early 2022, Texas has 53,722 unpaid cases totaling well over $18 million, according to HUD.

Nationwide, HUD said there were 788,650 unpaid cases worth just over $401 million.

Some outstanding cases date back decades.

our colleagues NBC 5 responds in Chicago They owed over $4,000 in overpaid premiums on FHA loans dating back to the late 1980s.

How to check if you have unclaimed money

HUD is trying to reach out to homeowners and says its goal is to reach out to everyone who has outstanding bills.

HUD also states that most homeowners who have or had an FHA-insured mortgage will not be eligible for reimbursement unless they prepay the mortgage insurance premium at the closing of the loan after September 1, 1983. I explained that I was not eligible for You may have met the refund eligibility requirements.

Here’s how to check:

  • Start with HUD searchable web page.
  • Enter your name, city and state.
  • Find out the current and past addresses where the home was owned.

If you still have old papers, you can also look for your FHA case number and search that way. The case number is 3 digits, a dash, then 7 digits.

If hit, the next step is to call HUD at 1-800-697-6967. When I called, the recording asked me to select a language and within seconds someone answered.

The agency said they would then mail a refund application.

HUD says that if you think you have received a refund but can’t find your name in the online database, please call us.

Homeowners can search HUD listings and fill out reimbursement forms for free. You don’t have to pay someone to do it for you.

“Go ahead and check it out on the HUD website. You never know,” said Young.

NBC 5 Responds is committed to investigating your concerns and recovering your money. Our goal is to provide answers and, where possible, solutions and solutions. Call 844-5RESPND (844-573-7763) or Please complete the Customer Complaint Form.

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