The complaint has been investigated and
resolved to the customer's satisfaction
Capital RecoveryAwful company

Review updated:

Capital Recovery sends unsolicited letters to people who are owed refunds from the US Department of Housing and Urban Development. In these letters, Lisa Madsen claims to be a professional tracer in the business of finding lost monies. She claims her research shows you are owed money from the 'government.' She offers to assist in recovering this money for a 25% fee. She makes a very strong statement about being very good at solving problems and reclaiming these funds. She leads you to believe there is no risk in engaging in her services, claiming there is no fee if she's unsuccessful. At the end of the letter, she asks that you sign the enclosed agreement and a tracer found case form.

These letters are illegal! She intentionally fails to mention which division or branch of the government is holding money in your name. She also intentionally fails to mention that her services are not required in order to receive these refunds. She misrepresents herself as somebody who is very good at solving problems. On the contrary, if you need to speak to her about a dispute, she simply refuses to take your call or fails to show in court. Her claim in regards to 'no-charge' if she's not successful is also false. I suspect there are many cases where refunds were issued where she did nothing by way of assistance, but she still demands payment.

The services offered by Lisa Madsen and Capital Recovery are of absolutely no value to consumers. Recently, HUD issued a consumer alert warning the public to be aware of people (known as 'tracers') offering to help you collect your refund for a fee. You do not need to hire someone to collect your money. HUD has stepped up efforts to locate homeowner's owed FHA premium refunds, awarding Walker and Company LLP a contract to assist the FHA in finding homeowners who are owed money. This new contract basically categorizes companies like Capital Recovery as unnecessary and irrelevant. Lisa Madsen knows this, so in order to stay in business, she has to use trickery and fraud in order to get signatures on her agreements.

In my case, I received one of Capital Recovery's letters from Lisa Madsen. She made claims about the 'government' holding money in my name and that she would assist me in recovering the funds. She stated that if she wasn't successful, I would owe her nothing. Based on Lisa's statements - not knowing which branch of the government she was referring to and believing I needed to hire somebody such as her to receive a refund - I signed the agreement.

Almost two years passed before I heard again from Capital Recovery. During this two year wait, my wife was speaking to somebody at work who mentioned he was receiving a refund from HUD for the premium mortgage insurance he had on his HUD house before he sold it. Knowing we had a HUD home at one time, my wife made a phone call to HUD. After taking my wife's call, HUD sent us a FHA Mortgage Insurance Premium Refund request form. We completed this form and mailed it in. HUD followed up with an Application for Premium Refund, which we completed, had notarized, and then sent back in. An agent from FHA responded to our application with a letter requesting a copy of legal documentation that we had owned the home. He needed the Warranty Deed on the house.

It was at this time Capital Recovery sent a letter threatening me to pay the fee ($215) for their assistance, otherwise they were going to seize my property, garnish my wages and destroy my credit rating. I called Capital Recovery and asked to speak to Lisa Madsen, but she wouldn't take my call. I was able to speak to somebody in their customer service department. I explained to this person that I had not yet received a refund from HUD. I informed him that I needed to provide the warranty deed before a refund could be issued. I said to this that if Capital Recovery would get a copy of the warranty deed and send it into HUD, we would be happy to pay their fee. After out telephone conversation, I faxed all my documentation to Capital Recovery. However, before the call ended, I requested an apology from Lisa Madsen, but I was denied.

Six months passed after providing Capital Recovery with all the necessary documentation, but no word yet from HUD or Capital Recovery. So, one day on my lunch break, I went to the County Recorders office and purchased a copy of the warranty deed. After my wife faxed it into HUD, we received the refund less than a month later.

Six months after receiving the refund, Capital Recovery sent a bill for their services. I called Capital Recovery after receiving the bill and asked to speak to Lisa Madsen, but again she would not take my call. I was transferred to somebody in their collections department. I indicated to this person that they did absolutely nothing to assist me in receiving this refund, so I wasn't going to pay. He responded that they would then turn the file over to a collection agency.

Once I received the collection letter, I responded that the debt was invalid and to leave me alone. I waited for Capital Recovery to sue me, but they never did. Instead, they put a collection debt write-off on my credit report. I discovered what they had done when applying for a home loan. In order to get the loan, the lender required me to pay Capital Recovery off. I paid them then filed a small claims case against them in an attempt to get my money back and to clear up my credit report.

On our court date, Lisa Madsen failed to appear, so I was awarded judgment against Capital Recovery. She has since appealed the judgment, but a new court date is months away. In the meantime, I have a late payment collection debt write-off on my credit report and I'm out over $1, 000 in direct costs due to Capital Recovery's fraudulent and mean-spirited business practices.


  • Ro
    Ron O Oct 19, 2009

    I recieved a letter from Capitol Recovery today. I did an internet search and found this article. I tore up the letter. Thank you-

    0 Votes
  • Am
    amycoleman Nov 09, 2009

    I just received a letter from them today. After researching the company and seeing the above "article", I will be throwing it away.
    Might I ask who I need to contact to see if I am due a refund?
    Thanks for your help!

    1 Votes
  • Da
    David S1234 Jan 24, 2011

    I received a letter from Capital Recovery and a few other tracer companies about5 months ago, I was kinda worried with signing with any of them so I came to this website to see what other people thought, but Capital Recovery seemed more professional from their letter, so I called them and they explained to me what goes on and everything, they said I dont have to pay them until after I get the refund check from HUD, so I signed with them, it took about 5 months and I got my check and then they sent me a bill and I paid 27% of my refund to them. I am happy and I didnt have to do much so I have no problems with this company.

    1 Votes
  • No
    NotFallinForIt Sep 05, 2015

    I get these cards from Capital Recovery Services every now and then. I googled them and immediately found results of negative nature. What I learned through the process is that ANYONE can do their own search for unclaimed property or funds easily by going to the State Comptroller website for any state you have lived in and inputting any name you have conducted yourself under. More involved for women because you have to search your maiden name and however many married names you have gone by. (Did I really have to get married three times????) But within three months I received refunds from an old cell phone carrier, overpayment of insurance premiums, and a couple of refunds due that weren't worth recovering since they involved acquiring former spouses signatures and who the heck knows where they are off to these days.
    You can do it yourself and know that when or if you have to provide sensitive identifiable information about yourself you are on a secure website.

    0 Votes
  • Er
    Eric Findl Feb 17, 2016
    This comment was posted by
    a verified customer
    Verified customer

    This company is like paying a Lawyer to find out why you didn't get mail delivered... When you knew it was a federal holiday.

    0 Votes
  • Li
    Lin Jennings Feb 16, 2017
    This comment was posted by
    a verified customer
    Verified customer

    Don't throw anything away and try to record any phone calls from them. Use this info to sue them later. String them along and sooner or later they will robo call you or violate tcpa laws somehow. Keep records of all calls including times and dates. Don't tell them you are going to sue them. You want them to make a violation mistake, and they will sooner or later. Then you sue them. If you have to, use an external recording device on your cell phone, but be sure to tell them at the beginning of the call that you are recording the call so you don't break any laws yourself. I have three lawsuits being started against Convergent and two of their subsidiary companies.

    0 Votes
  • Br
    Brandy Rousselle Apr 30, 2018


    I'm contacting you from Capital Recovery Corporation, not Capital Recovery Inc. You are sharing our demographic information on this site(address, web and phone) and this is NOT our company these complaints are against. Capital Recovery, Inc is in no way affiliated or associated with Capital Recovery Corporation. We do not collect on HUD loans nor do we send post cards. Please correct your records immediately as this is slander and you have not checked your facts thoroughly.

    Thank you.

    0 Votes

Post your comment

    By clicking Submit you are agreeing to the Complaints Board’s Terms and Conditions


    Unhappy consumers gather online at and have already logged thousands of complaints.
    If you see dozens of complaints about a certain company on ComplaintsBoard, walk away.
    One of the largest consumer sites online. Posting here your concerns means good exposure for your issues.
    A consumer site aimed at exposing unethical companies and business practices.
    ComplaintsBoard is a good source for product and company gripes from especially dissatisfied people.
    You'll definitely get some directions on how customer service can best solve your problem.