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FAQ: Is this Program Legal?

Article ID: 16094 Email Print
Is this Program Legal?

Yes, the Federal Government along with HUD/FHA originated this work from home opportunity program and decided to allow others as Third Party Processors to assist them in locating the recipient of unclaimed refunds. Call HUD/FHA (800) 598-4037 to verify.
What are the number and the amount of unclaimed refunds?
Most recent Government report states there are over 750,000 unclaimed cases that are currently available to the public under the Freedom of Information Act (FOIA). These unclaimed cases total more than $250 million and another $150 million of unclaimed refunds which are not 2 years aged yet. Most of which will be available for one's work at home business for the years to come.
In HUD's own words:
"HUD does not sponsor a Third Party Tracer Program. Third-party tracers are independent business enterprises involved in locating homeowners who may be entitled to a refund. These firms attempt to match a homeowner with the government funds owed, as part of a private relationship that the tracer is attempting to establish. It is up to the third-party tracer to develop their client relationship and to ensure receipt of their fee. HUD is not a party to any agreement, financial or otherwise, between third-party tracers and their clients.

Under the Freedom of Information Act (FOIA) of 1986, HUD makes available to the public a cumulative listing of unpaid Distributive Shares and Mortgage Insurance Premium refunds for Mutual Mortgage Insurance mortgages that remain unpaid for a minimum of 2 years. Some entrepreneurs have developed commercial ventures using the listing provided by HUD. HUD neither encourages nor discourages the efforts of third party tracers as long as they do not misrepresent themselves or the process to the public.

Since the FOIA listings contain public information, HUD cannot prevent individuals or organizations from utilizing this data for their own financial interest. However, HUD neither promotes the commercial use of these listings nor reimburses third-party tracers for any losses that they incur in locating claimants. HUD neither encourages nor discourages the efforts of third-party tracers, as long as the tracers do not misrepresent themselves or the process to the public."


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Views: 7312 Created on: Mar 22, 2012
Date updated: Oct 02, 2014

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