FAQ

1. What are these insurance refunds for?

Certain types of mortgages require mortgage insurance to protect the lender in case of default on the loan. At the closing table and in the closing costs, the borrower was required to pay a substantial up front Mortgage Insurance Premium of approximately 1.50% of the total loan amount and subsequently paid approximately .05% each month in mortgage payment for mortgage insurance. Later when the load is refinanced or sold the property, the original Mortgage was paid off by the new refinance or by the new owner. Consequently, the mortgage insurance policy was no longer needed and was canceled. Therefore, the borrower gets money back for the unused portion of the premium that was paid up front in the closing costs for the mortgage insurance policy.

2. Why was the refund not automatically sent to me?

The governent sends notices with refund information to homeowners at the last known address for a two-year period after Redemption Date. If the borrower moved, they may not have received the notices. If they did receive, they may have chosen to simply ignore the notices. If the refund is not claimed by you in two years after the Redemption Date, the borrowers name(s) is/are added to the national list of rightful recipients and the government database system. Refund checks are not automatically sent to homeowners. A claim for the refund check must be filed. Most borrowers don't know how to make a claim, let alone know they even have money owed to them. For this reason, REFUND RECOVERY SERVICES is available to assist them.

3. Why doesn't the governent do this themselves?

It was determined that it would be cost prohibitive to staff a federal Department for the sole purpose of locating refund recipients because a good percentage of individuals move, fail to provide a change of address notice at the post office, and notices to homeowners are often mistaken as "junk" mail and they get tossed into the trash. A decision was made to allow independent processors to assist in getting these unclaimed refunds back into the hands of homeowners who are rightfully entitled. That decision has proven to be most beneficial to homeowners. Without us, many homeowners would not have received their refunds.

As a direct result of the efforts of independent refund processors to locate, contact and assist homeowners with the recovery of their refunds, more homeowners have received and will receive their refund checks. If not contacted by an independent refund processor, many homeowners would remain unaware that they have this money available to them.

If it were not for the efforts of independent refund processors and third party tracers to locate, contact and inform rightful recipients, such as yourself, of your refund rights and to assist with the recovery of your refund, far fewer refund checks would be issued and more millions of homeowners dollars would remain unclaimed in the government's trust account and government will ultimately keep YOUR MONEY

4. Do your services ever fail to get the desired results?

When our proven successful processing procedures are followed precisely, our services do not fail. Our system falters only when homeowner does not heed the directions and deviates from our procedures or fails to communicate or cooperate, in which case a refund check is unlikely to be issued and it's the homeowners loss of a substantial amount of money.

5. Who pays the refund and sends the checks?

Refund checks are issued by the U.S. Treasury, from Washington D C.