Mortgage Insurance Refunds

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If you put less than 20 percent down on a home mortgage, lenders often require you to have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan. The Homeowners Protection Act of 1998 - which became effective in 1999 - establishes rules for automatic termination and borrower cancellation of PMI on home mortgages. These protections apply to certain home mortgages signed on or after July 29, 1999 for the purchase, initial construction, or refinance of a single-family home. These protections do not apply to government-insured FHA or VA loans or to loans with lender-paid PMI.

Consequently, there is a business opportunity that is advertised by companies that sell finding these HUD refund people as a business opportunity that they can run out of their homes. Here is how they say it works:

You buy their system for $49 and they will show you how to buy a list of people that are due refunds and how to find them. Once you have found someone that is owed a refund, you can contact them and tell them they have money the government owes them and There are a few problems with this process.

It is hard to find these folks. Unless you are a private investigator, you are going to have to turn into a bloodhound to find these folks. That doesn't even include if other people that are doing HUD processing are trying to find them as well.

Some won't pay: You get people to sign an agreement that says they will give you 50% of the money that you get for them. Some folks aren't going to cough up half of the $1,000 (or whatever) when they do get the money. Are you going to sue them? Some of them may be out of state etc.

A lot of work for not a lot of money: You may end up working a lot of hours just to find a few people. A lot of these refunds are just a few hundred dollars so half of that isn't exactly something to get that excited about.

For home mortgages signed on or after July 29, 1999, your PMI must - with certain exceptions - be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current. Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current.

One exception is if your loan is "high-risk." Another is if you have not been current on your payments within the year prior to the time for termination or cancellation. A third is if you have other liens on your property. For these loans, your PMI may continue. Ask your lender or mortgage servicer (a company that collects your payments) for more information about these requirements.

If you signed your mortgage before July 29, 1999, you can ask to have the PMI canceled once you exceed 20 percent equity in your home. But federal law does not require your lender or mortgage servicer to cancel the insurance.

On a $100,000 loan with 10 percent down ($10,000), PMI might cost you $40 a month. If you can cancel the PMI, you can save $480 a year and many thousands of dollars over the loan. Check your annual escrow account statement or call your lender to find out exactly how much PMI is costing you each year.

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