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Loan Locators/Tracers for HUD/

Some advertisements soliciting people to be third party locators or tracers claim you can make thousands of dollars by locating individuals who are due reimbursements on federal loans such as HUD & FHA loans. These ads do not always disclose all the expenses and work involved. According to some advertisers, all that may be required is to buy their plan and mail letters to people advising them that you have found money owed them by the government. The locator makes money by receiving a percentage of the monies involved, ONLY if the claimant agrees to sign a notarized affidavit agreeing to pay the "finder's fee." The advertised plans, which may range from $10 to $100, may provide only information on obtaining lists and tips on notifying people about their federal money reimbursements. You must then purchase the list through HUD or FHA at a cost of $20 to $99. Additional costs include notarized documents, postage and long distance phone calls. Finally, thousands of people may have answered the same ad and be working from the same list as you are. If a consumer suspects he is owed money by a government agency, he need only call the agency directly to obtain information.

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