What is government tracing?
The government agency known as HUD/FHA (Housing & Urban Development/Federal Housing Authority) has allowed the general public to act as a liaison between itself and a specific group of borrowers. These liaisons, or Tracers as they are commonly called, locate individuals who have borrowed money to purchase homes using loans secured through HUD/FHA
The Government Tracer Program has been featured in the USA TODAY and listed as one of the 20 hottest home-based businesses by Entrepreneur Magazine. The tremendous success rates of the Tracer Program make it stand out among many other business opportunities.
What exactly does a tracer do?
Often referred to as a third party tracer (because the government is not directly involved with the refund process), a tracer can be defined as an information broker who works to locate individuals due a refund, notify them of unclaimed monies owed to them, help them obtain it from HUD/FHA, and receive a percentage of that refund as a fee in exchange for these services.
How Much Do Tracers Make?
Government statistics say that tracers recovered an estimated $1.8 million to $5.1 million in fees from people getting HUD refunds and in 1996 they collected about $2 million to $6 million in such fees. Refunds average about $700 per borrower for people HUD has been unable to find (those claimants that HUD tracers help). This information was taken from HUD press release, HUD News; HUD No. 97-276.
Where do I get my clients?
The Department of Housing and Urban Development (HUD) has a database of people who have refunds due, but have not yet been paid; HUD's list of borrowers is a tracers client source. The HUD database of borrowers has many names, 84,000 with 1,000 names being added each month. Tracers use the lists sold by HUD to locate claimants.
Is it possible to do this work in the evening hours?
The tracer home business is a good example of the type of business you can do at home after the kids are in bed. You'll need a measure of peace and quiet to get some of the work done. I've designed the i-detect kit specifically with at-home mothers in mind. There are sample documents and letters that you can customize to suit your individualized business set-up. You can expect to spend about 2 hours a day (whether it be 1:00 pm, or 1:00 am) responding to questions, preparing letters and packets for mailing, and maintaining marketing outlets.