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$2,269 out of thin air - 3rd Party Funds Recovery or Does HUD owe you money?

By
Real Estate Agent with eXp Realty 470666

 I have lived in Austin, TX 15 years.  15 years ago, when I moved to Austin, I sold my FHA-financed first home in Minneapolis.

 Yesterday, January 2009, I get a call from a stranger suggesting the government owes me some money on xyz Morgan Avenue in Minneapolis.   With a little distrust, it got my attention.

 I called the number.  Still more distrust when the phone was answered with just a simple "hello."  My response something like, "Uh, is this a business line?"

 So, this gal works from her home, she gets lists from the federal government of names & addresses that the fed owes money to.  In this case, a refund on a HUD MIP for a home sold 15 years ago.

 So I ask some more questions.  Like, how does she get paid?  You guessed right ...me, 25% of any recovered funds.  So I ask the logical question of "not any disrespect for your effort but, can I get the refund myself direct from HUD without paying a fee?"  Thankfully she was an honest person and said, "yes, as a matter of fact, you can and [here she got frustrated] most people I call do just that ... I'm not sure how I'm going to make any money at this ... I am just trying to earn some extra cash and this sounded easy."  (I thought scripts & dialogue, scripts & dialogue ... but did not go there.)  I thanked her for her time and emailed my favorite lender who shot me a website with info.

 So I get a 1(800)Bangladeshi nice guy on the line and 20 minutes later I have all the detail and know exactly what I need to do to collect my $2,269.  Sweet!

 I have to get recorded deeds from Hennepin County and fax a notarized letter.  Hope to see my cash within a couple months.

South Austin Real Estate Blog
Sky Realty South Austin - Austin, TX

HI Julie, maybe this is some of that good Karma coming back at you already from the Pay IT Forward blog.  Interesting don't you think?  At any rate, good job for finding the information out and doing it yourself.  Now you can email your database and let them know about HUD paying back overcharges. Another touch. :)

Jan 24, 2009 04:28 AM
Sonny Kwan
Quantum Group Commercial - Residential - Lease Seattle, WA - Mercer Island, WA
206-819-8228

Hey Julie, How do other people benefit by this , can you call around your sphere and help them get a refund?

Jan 24, 2009 08:21 AM
Anonymous
Ed

I think you should pay the tipster who made you aware of the money a finder's fee or something. What if someone found your 15 year old lost wallet with $2,300. You'd no doubt insist they take a reward.

I won't go so far as to say "shame on you", but I think you ought to reconsider what this person's appearance in your life means to you and whether her desire to be compensated is reasonable.

Jan 24, 2009 10:42 AM
#3
Julie Nelson
eXp Realty - Austin, TX
Smart real estate.

A good question.  I am going to talk to a couple of my favorite lenders to make sure I understand how this is handles now (or an FHA loan in, say, the lasts 5 years vs. my 15 yr old paid note).  With that information I believe I will be armed with information we can take to our sphere.

Jan 25, 2009 02:19 AM
Julie Nelson
eXp Realty - Austin, TX
Smart real estate.

That's a good point.

Jan 26, 2009 01:55 AM
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

Julie, merry christmas, happy new year and enjoy every dime. Let us know what you decide to do with your windfall!

That was a great story...I was thinking that it was a scam but good for you.

Jan 28, 2009 04:34 PM