Can you make money by processing FHA and HUD mortgage insurance premium refunds? I’ve Tried That is about to find out. Or rather, one of our Secret Agents is about to find out. (Note to self: It’s hardly “secret” if you’re publishing it on a blog. Response from self: So?)
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According to the people who are pitching this opportunity online, there are hundreds of millions of dollars sitting in HUD and FHA accounts waiting for people like you to find the rightful owners. The money comes from mortgage insurance premiums that are due to be refunded to the signer of the mortgage, but he or she can’t be found. If you find the owner and put them in touch with their money, you get a cut of the refund.
At least, that’s how the story goes. A number of sites are ready to sell you software and instructions to help you get started in your own HUD/FHA Mortgage Insurance Refund business—for a price, of course. AmericanRefundServices.com and EagleSoftwareServices.com are among them.
But what do we always say? “No legitimate job will charge you before you can start working.” We still believe that’s true. But we also know there are some companies out there selling legitimate products that will help you do a job or establish a business.
Fany is our new Secret Agent. She writes:
I replied to this one that I found on craigslist and they contacted me back but they are charging a fee for the software. It sounds legit and I did some research on the HUD site and it states, “Other ‘tracer’ companies are legal. But they do not represent HUD, and they will charge you a fee. You do not have to use a tracer to get your refund, if you are owed one.” The program I want to try is http://www.eaglesoftwareservices.com. I found some forums in which it states that some of these programs are legit and some that say this is a rip off selling you old lists from HUD. I could not locate anything on I’ve Tried That.
—Da Fanster, Private Eye
Doing her own research…bought our ebook, but one of the leads she found is charging her…searched I’ve Tried That for info first. Sounds like a winner! We’re going to sign her up, she’ll give the program a full trial, and we’ll post our results here! That’s what we do here at I’ve Tried That.
Update: Read the full review here.
How to Find Real Jobs Online
Until we get the word back on this program from Da Fanster, why not check out our ebook? It gives you the best information we know about how to find real jobs online. They won’t make you rich, but a couple hundred bucks per month can sure reduce the stress levels.
I tried mortgage insurance refunds and never made a dime. If a person on the list can be easily found and contacted, his answer is, “I already got that refund a long ago, and I have received a lot more calls and letters about it since then. If a person cannot be easily contacted, and even the government cannot find him, how do you think a lone individual is going to find him? This program is not a job, but a way to throw away both time and money.
Willie, don’t waste your time or money. This is a tired old scam. The only people making money of this scam are the ones selling the “how to” books and the lists of names! RUN FAST!!
I would like to start a home business as a 3rd Party Tracer Processing Mortgage Refunds. I am searching for a legit company that is willing to offer a 90 gurantee or they will refund me my money. They offer the training material and needed softward as well. Do you know of a company like this?
I recently signed up with My Smart Tools to do HUD/FHA refunds. I spent $3.91 to get the information on how to do it and $39.99 per month to get a list of people who had refunds coming. They said you have 15 days to try it for free but I found out it takes much longer than that to figure out what to do and to figure out if its going to work or not. I sent out 170 letters to people with refunds and called 40 people to follow-up. What I discovered is that Smart Tools tells you there are only 2 people in your area assigned to do this. There must be a lot more because the people with refunds are being inundated with letters. Also, I did not find one person who wanted help getting a refund. Why should they when they can go directly to HUD/FHA and get it on their own for free instead of paying you to help them. They make it sound like people can’t get these refunds on their own or its hard to but thats not true. I spent lots of money before I cancelled paying my monthly fee for this list and on postage, office supplies etc… and worked hard at this and did not make one single dime. My advice is DON’T DO THIS or like me you will be sorry.
Years ago I received a letter from a woman who stated that I had a refund due to me from a HUD loan. For a fee, she could get this for me. This letter was printed on plain white paper along with a plain white envelope with a hand written return address. I figured if she knew information about me than I could find out the same. I did and it didn’t cost me anything but completing a form, an envelope and a stamp.
I’m sure people who had no clue as to how to go about getting their money wouldn’t have a problem with paying someone to do it. My guess is, they are few and far between.
Yes, Processing mortagage refunds is true, while back i brought this program for 19.99 which i should have dung deep because all the imformation they give you explains it on line for free. You but a state you have to find these people and call or send a letter ,but its hard because a lot of people think you are scamming.If you are patient and have time on your hand this is a job for you. You don’t make money all that day it comes to you when the client sends every thing back. Any work from home job juST read and investigate ,you shouldn’t have to pay a fee to work.
I am interested in USANA PHILIPPINES.Is this a legitimate bussiness?
To get the funds for your service. you can either do this in 3 ways.
1. they can pay you the full amount up front for the service. (most won’t but some will)
2. they can pay half the amount for the service up front. and the other half once the check is received.
3. you can have the person due the refund sign a Power of attorney. in which the Actual check will be mailed to you (will still have the name of the refund receiptiant on the check) once the check is received. notify them that you will be sending their check certifed mail. with C.O.D.
hope this helps.
oh… also, this program is NOT a scam. You are offering a service for a fee.
The only Scam is the individuals selling information that is already free online.
Read about the refund tracer scam here:
http://www.hud.gov/offices/hsg/comp/refunds/alerts.cfm
This comes directly from HUD / FHA!
This HUD/FHA refund tracer thing is a SCAM. The only people making money from it are the ones like Matt Williams selling books and software, etc. DO NOT FALL FOR THIS CRAP!! You will NEVER make a dime doing this. GUARANTEED!! Been there done that!
NOTE: Hit the link above above and read the WARNING direct from HUD on this issue!
I am wondering the same question. If and when the check is sent to the claiment can it be cash my the claimant in order to recieve payment up front??
I was interested in trying this mortgage ins. refund business. It sounds very easy & legit. I don’t think you even need to buy a program with the free info on line. Just order the list thru HUD. My question is –When the borrower signs a Specific POA and the tracer receives the check. Is the tracer able to cash the check for thier fee and then sends the balance to the borrower??
Eaglesoftwareservices.com is great. I learned alot from Matt. He tells you initially that you have to send off for the state listings which is common knowledge. If you have the claimants contact information before you contact them….duh! You can get the claimant to sign a SPA form and get the check come to you instead of the claimant. Did you not read the software in full? If you think work is a bunch of hurdles then you are nothing but lazy. Matt has helped me enough to retire and enjoy a comfortable living. It is funny how people are so lazy now of these days they rather complain about working than actually working. For those who are lazy, I suggest getting a job at a fast food chain.
Eaglesoftwareservices.com is a SCAM!! It tells you that you can start work immediately after downloading the software but YOU CANT!! Then it asks for more money to get the manual but its not required. Then you have to send MORE money to HUD and get the claimants information in the state you want!! Its just a bunch of hurdles that you have to take and then when you read the “software” you think to yourself, well it could be legit and so you contemplate it and wait long enough that your card is already charged. Matt Williams is very rude in his emails and I wouldn’t trust anything he says!!! He should not tell people that you can start working immediately!! Also you have to try and get he money yourself from the claimant because the check goes straight to them, NOT YOU!! So how the hell are you suppose to get money from the claimant once the check comes to them??? IMPOSSIBLE!!!
Kim, to get answers to all your questions, click here to read the full review.
I LIKE TO KNOW IF THIS IS A LEGIT Business and how would I be paid for my work. Is there an agency that I can contact or a person who I can speak with in regards to doing this data entry from my home and how soon can I start, is there a fee?
Yes, mortgage refunds is real; though I don’t know who is advertising any programs to learn how to do this at the present. I did this about 20 years back, and made a little bit of money. Around $200 I think. You pay HUD for a list of people in your area, and then go about contacting them by letter, usually, letting them know they have money coming to them, and you will advise them of where it is, and help them obtain it for a small fee. Do not mention it’s a refund, nor tell them anything other than the amount they have coming. The problems are basically, that these people have since moved and are somewhat difficult to locate, and 2ndly once they receive your letter they generally know about the refund. The amount of the refund usually tips them off. People aren’t stupid, but they want it ALL. I only convinced ONE person to let me assist her, and then only because she wasn’t selfish and didn’t mind me making a little for my assistance with the documentation. In return, my wife and I took her out for supper after she paid me. Just contact HUD and request the lists. They will also advise you how much you can charge for your services, at least they did when I wrote them. Finally, you print out a contract which you enclose with your letter, for them to sign and return. Always give your phone number. because people will have questions, and it gives you some legitimacy.
Fran, I am so feed up with all these scams. I am a widower, income in limited & need extra imcome. Please let me know what you find out about Mortgage Refunds? If its real I want to try it.
Thanks
Hey there, Secret Agent the Fanster here… Just wanted to let you guys know that I got the software at 9:01pm and its 11:35pm and I just cant stop.. I have taken out a pen and paper and am taking really good notes to we can put a good review about this up… Stay posted!!
Patricia had this to say on the rebates processing thread. I moved it over here because it’s more relevant: