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Got a Fedex from HUD today.

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Peter1142
Established Contributor

Got a Fedex from HUD today.

It says that I am eligible to reduce my MIP on my FHA loan, originated in 2014, via submitting a request to HUD. Simple form enclosed. The mortgage letter dated 2015-01 says that this applies to case numbers assigned on or after Jan 26th 2015. I don't follow HUD's logic on this... but the reduction would be awesome for my tight finances. Had anyone heard of this?

Message 1 of 16
15 REPLIES 15
Peter1142
Established Contributor

Re: Got a Fedex from HUD today.

Appears to be a refi scam Smiley Sad

Letter is actually from InterContinental Capital Group. They made it really look real. Smiley Sad
Message 2 of 16
Anonymous
Not applicable

Re: Got a Fedex from HUD today.

Whoa! I'm glad you figured it out so quickly.

Message 3 of 16
Peter1142
Established Contributor

Re: Got a Fedex from HUD today.

They claim no credit check no approval blah blah blah... don't know what their deal is. Google gives them an A BBB rating. I'm almost tempted to call, it would be $100/month I could save. All the other FHA MIP lowering BS I got in the mail requires a refi with closing costs that make it upfront cost prohibitive.

Message 4 of 16
StartingOver10
Moderator Emerita

Re: Got a Fedex from HUD today.

I wouldn't call them.

 

IMO working with a lender that presents their initial package to you as being from "HUD" and then tells you to fill out a form - without telling you what you are actually doing is applying for a refinance is taking a risk.  There is no way they can refi your loan without a credit check. If I am wrong on this, please correct me but I don't know of any way other than a HARP type program and I'm sure the legit lenders still require a credit pull.  BTW, all lenders will require closing costs (lender fees, goverments fees etc) - some will pay part of the costs and how they do that is by increasing your interest rate on the loan - for the life of the loan.

 

Go to a legitmate lender and get refi quotes, it may not pay to refi now as you said in your most recent post. Rewarding a lender or broker for their scam marketing is not good for you IMO. 

 

I am glad you alerted us to the scam though - I will have to contact my FHA buyers that have closed prior to Jan 26 2015  so they don't fall for it.

 

 

Message 5 of 16
Peter1142
Established Contributor

Re: Got a Fedex from HUD today.

Yeah I know, you're right.

 

It is definitely not the first piece of mail I got regarding the MIP change. I get so much junk mail re the mortgage. Alas it really doesn't make sense tor refinance for MIP reduction, unless you have a lot of money up front to spend and will be in the house a very long time... in which case why refinance FHA at all, get a conventional loan.

Message 6 of 16
DallasLoanGuy
Super Contributor

Re: Got a Fedex from HUD today.

i recently read that these tactics are illegal..... or soon will be.

we should always report abuse like this to the CFPB

 

Retired Lender
Message 7 of 16
Peter1142
Established Contributor

Re: Got a Fedex from HUD today.

Looking again it didn't literally say it was from HUD, but it was extremely deceptively made to look that way, delivered by Fedex, with offical looking forms in official sounding wording notifying me of my "eligibility", a standardized form with a barcode to fill out, a copy of the mortgage letter from HUD, and a mailing address without the name of the company. It does not indicate you are refinancing, but opening a new FHA case number.

Message 8 of 16
Lemmus
Established Contributor

Re: Got a Fedex from HUD today.

...another reason for anyone in or recently completing the mortgage process to opt-out of 3rd party notifications on your CR reports ...these scumbags buy your info from the CRAs and then run these phishing scams on the proven basis that at least 1% will respond to any mailing Smiley Mad


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Message 9 of 16
Peter1142
Established Contributor

Re: Got a Fedex from HUD today.

Actually, I am pretty sure they got the info by monitoring public deed and mortgage records. The junk mail started the day I closed.

Message 10 of 16
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