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  1. #1
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    OT - Home Loan Refund Solicitations

    Need some help from my fellow CF's on mortgage refund solicitation. Short story is, my family and I moved into our new home in Dec. of 2004. The sale of our existing home paid off the mortgage in full and we received a letter from the lender stating the mortgage was paid and the account was closed.

    About 1 1/2 to 2 years ago, I started receiving letters at our new address stating the writer had discovered we were due a refund from the previous home lender and listed a 4-figure amount. The writer stated that for 10% of the amount of potential refund, they would investigate the refund and attempt to secure to money for us. They included a 2nd page to the letter that was a contract type document asking us to sign and provide them with what I considered personall information.

    I received two of these letters and contracts within about 3 or 4 weeks of each other and both times I tried to look up the sender in the phone book and on the internet but found nothing. I received two more letters and contracts from two different people and realized that these were probably individuals working out of their home. This week, I've started to receive phone calls from someone stating we're due the same refund. Each of the letters, and now phone calls, have said the exact same amount is due to us.

    My question is, is there anyway we might be due this large of refund and why wouldn't the old mortgage company be contacting us rather than these individuals.



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    Re: OT - Home Loan Refund Solicitations

    Contact the orginal mortgage company and see what they say. Not sure how a 4 figure number would get by you or them.

    Honestly - I've never heard of such a thing.



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    Re: OT - Home Loan Refund Solicitations

    Was your previous loan an FHA?



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    Re: OT - Home Loan Refund Solicitations

    Stay clear. It sounds like a classic scam to me.



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    Re: OT - Home Loan Refund Solicitations

    Give them Todd Davis's SS# and see if the commercials are true.

    Identity Theft Prevention – Identity Theft Protection – Stop Identity Theft



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    Re: OT - Home Loan Refund Solicitations

    I think you're doing the right things so far by proceeding with caution and doing your homework. I don't see how this could be true - but you never know.

    As some stated, contact your mortgage company at least. Maybe the BBB would have some info for you on these companies that are contacting you?



  7. #7
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    Re: OT - Home Loan Refund Solicitations

    Quote Originally Posted by ISUAlum2002 View Post
    Was your previous loan an FHA?
    Yes, I'm pretty sure it was. The only thing I can think of is that this is somehow left over money that was in escrow.



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    Re: OT - Home Loan Refund Solicitations

    If that's the case, your mortgage company should be able to research that info.

    How would these other companies know if you had excess in your escrow? Unless your mortgage company told them, there is no way they should have that info.



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    Re: OT - Home Loan Refund Solicitations

    Quote Originally Posted by mkcrawford View Post
    Yes, I'm pretty sure it was. The only thing I can think of is that this is somehow left over money that was in escrow.
    Well, it wouldn't be escrow as those funds are required to be refunded within 30 days of payoff, I believe it is.

    I don't work in this particular area at my mortgage company but I do know that sometimes you can get a refund of a portion of the PMI payments you made throughout the course of the loan when you have an FHA loan. The escrow information is considered private financial information and can't be released to anyone else unless you give written consent. However, the FHA refunds may be public information since your loan was government backed.

    I would go to Homes and Communities - U.S. Department of Housing and Urban Development (HUD) to see if you can find some information.



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    Re: OT - Home Loan Refund Solicitations

    Quote Originally Posted by ISUFan22 View Post
    If that's the case, your mortgage company should be able to research that info.

    How would these other companies know if you had excess in your escrow? Unless your mortgage company told them, there is no way they should have that info.
    That is what I thought, but the fact that each of these solicitors was using the exact same dollar amount seemed convincing. My current mortgage company (WFHM) was not the mortgage company at our previous home.

    Excuse me while I go to the basement to dig through some boxes to find that old mortgage info...



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    Re: OT - Home Loan Refund Solicitations

    There was something that I got a while back as well from our mortgage guy regarding info similar to this. It had to do with refunding some PMI from our first FHA loan. There was some reason we didn't qualify for it anymore, but I don't remember why. I think it had something to do with not having an FHA loan right now.


    Exaggeration is a BILLION times worse than understating.

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    Re: OT - Home Loan Refund Solicitations

    Any time someone offers to get your money back for a fee, it is either a scam or something you should be able to do on your own. As others have said, it won't hurt to investigate on your own.



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    Re: OT - Home Loan Refund Solicitations

    This sounds like a scam to me. If you are owed the money, the lender would just send it to you. I suspect they will be asking for money up front or account numbers if they haven't already.



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    Re: OT - Home Loan Refund Solicitations

    If I remember correctly, the money wasn't coming from the lenders, it was coming from the insurance company that we did the PMI through, or even the government. It had to do with some law that was changed having to do with PMI I think. As you can imagine, no insurance company is going to contact people to give them money back. For some reason this is all coming back to me, but I almost feel like I am making it up.


    Exaggeration is a BILLION times worse than understating.

  15. #15
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    Re: OT - Home Loan Refund Solicitations

    Quote Originally Posted by h-man64 View Post
    This sounds like a scam to me. If you are owed the money, the lender would just send it to you. I suspect they will be asking for money up front or account numbers if they haven't already.
    Yep, all the solicitation so far have asked for 10 to 15 percent up front to recover the refund. At this point I'm tossing the letters and haven't returned any of the phone calls (somehow I'm never home when they call ).



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