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States and federal agencies are holding billions of dollars in unclaimed property
and missing money. Assets are considered legally abandoned when contact
with owners is lost - typically due to an unreported address change
or the expiration of a postal forwarding order, name change after marriage or divorce, and incomplete or
illegible records. These funds are
transferred to a government trust account in a legal process known
as escheat. Here they await your claim. Unclaimed HUD refunds are owed
thousands of homeowners with FHA insured mortgages.
Each year the FHA (Federal Housing Administration),
the government agency which insures mortgages made by
local lenders, estimates the number of defaults it
will likely experience. Based on this prediction, it
sets the insurance premium home buyers pay during the
year. If fewer defaults occur than predicted,
borrowers share in the funds remaining via HUD
Mortgage Insurance Premium (MIP) refunds or
Distributive Shares.
Because many homeowners fail to
notify HUD of a new address after a move, tens of
thousands of homeowners are entitled to unclaimed HUD
refunds worth hundreds of millions of dollars. Refunds
average $800 - $1500 per homeowner. These
amounts cannot be found listed in state unclaimed
property databases, as they are issued by HUD, a
federal agency.
For a
search of the HUD unclaimed refund database online
and for claims information on a HUD refund order our
Special Report: HUD Refund Search
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