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Article: HUD seeks owners due refunds.(Friday Home Guide)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- January 30, 1998
- Author:
CopyrightCOPYRIGHT 1998 News World Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Department of Housing and Urban Development has enlisted the Internal Revenue Service to find the former owners of 100,000 homes to whom it owes a total of $70 million in rebates on FHA mortgage insurance.
The refunds average $700 each and some have been due for more than 20 years. Those owed the money are unaware of that fact.
The people to whom the refunds are due fall into two categories:
* Homeowners who paid off an FHA-insured mortgage in less than seven years and are entitled to rebates on their mortgage insurance. These mortgages were issued after Sept. 1, 1983, when HUD began charging upfront payments for mortgage insurance.
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