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Recent 203k questions

I'm in the middle of purchasing a HUD home in Ohio. My bid

I'm in the middle of purchasing a HUD home in Ohio. My bid was accepted and I've paid the earnest money. I've also filled out the application with the bank to get financing and I gave them the money for the home appraisal. I was previously told that if I back out I would lose the earnest money and any out of pocket expenses (home appraisal). I also signed a paper that said I intended to move forward in the process with the bank. My question is, can I back out now without further consequences other than forfeiting the above mentioned money. Also, this is for a 203k loan, if it matters.

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LawTalk

Attorney at Law

Juris Doctor

33,152 satisfied customers
My husband and I purchased our first and only property in

My husband and I purchased our first and only property in Teaneck New Jersey back in 2013 using the HUD program. I'm a registered nurse and my husband is a commercial real estate consultant, we have two young children 3 and 1 years old. The loan was taken out in my name for an amount of about 270,000. One of his business partners offered to the contractor for this project, at a bare bone price since there was a business relationship. The rooms in the home were very small and so we asked our mortgage lender if the existing home could be removed and replaced with a prefabricated home, since it was a HUD loan. We were so excited when we were told that was fine (we have email correspondence from the agent confirming such). That's when this nightmare began ...problems began when the lender refused to release the funds until a certain amount of work was completed by the contractor. The contractor on the other hand complain that he needed funds to begin work and to add injury to insult walked away from the project when the business relationship with my husband ended. We have spent thousands of dollars on blue prints and contractors trying to please the mortgage lenders so they could release the rest of the funds and complete the home . The lenders refused and found all sorts of excuses. At the end of my wits and thousands of dollars later. I decided to ask for a deed in lieu of foreclosure; the process was long and we heard nothing back from the mortgage lender; until recently we received paperwork from the mortgage lenders attorney with foreclosure notification and a court date. I must mention that I made several phone calls to HUD and other such programs for assistance and got no help.. If the home was not suppose to be replaced by a prefabricated home why did they give us the green light and then put us in such a terrible situation

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Ely

Counselor at Law

Juris Doctor

64,650 satisfied customers
On January 2 my purchase contract was accepted HUD /

On January 2 my purchase contract was accepted for a HUD / foreclosed property. A day before inspection, appraisal, the sprinkler pipe burst, flooding the main level. In the past five mos. Chronos, HUD's facility mgmt/asset mgr, promised to repair the damage and now wants me to get a 203K loan and give an $8000 credit towards repairs which reflects their contractor's bogus estimate. A mold/water expert/contractor gave an estimate of $45K to repair, as now mold has continued to grow and damage has worsened during these mos (in MN), as they've delayed. My realtor said because it's now a sellers' market, Chronos is probably playing hardball so I walk away from the contract and they sell for more. The home was in a livable state initially, just needed appliances and some paint and cleaning. Now it is a sick building and uninhabitable and it seems they're not honoring the deal to sell me the home as agreed in the original condition.I now cannot afford a home in our school district. Recourse

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3,820 satisfied customers
I found a home in bad condition in an up and coming

Hello. I found a home in bad condition in an up and coming neighborhood. Legal 3 bedroom with finished basement in bronx, new york. Price of $435k. Market price after $75k rehab would be $575k.Seller wants to move quick and wants $20k towards the closing within two weeks because his business is not doing good. ... .what language should i include in the purchase contract so i am gauranteed my $20k gets returned to me with interest should the deal fall thru and/or get his home should the deal not happen and he s unable to provide me deposit. I am thinking of a FHA 203K Mortgage with 3.5% down of the combined purchase price and rennovation price.Thanks in advance.

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Asad Rahman

Attorney

J.D.

3,204 satisfied customers
I am currently selling my 2 family home that i bought in

I am currently selling my 2 family home that i bought in March 2015 with a FHA loan for $410k which included a seller's concession of $20k. I found a 3 family home that I am interested in for about $475k that needs about $25k worth of repairs. would this qualify for a FHA 203k Rehab loan of $500k total where i only put down 3.5%?Thanks,

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KJL LAW

Juris Doctorate

1,202 satisfied customers
I wish to purchase a Duplex in Ohio and I will live on one

I wish to purchase a Duplex in Ohio and I will live on one side and my daughter on the other.We plan to renovate it but both sides are occupied .One is month to month and the other is on a lease until December 2016.I understand that even though their lease/contract is not with me ,I still have to honor it.What does this mean to my renovation plans? Can I install systems/exterior upgrades or am I just waiting until December to start.I am receiving a FHA 203k loan for the improvements and work must start within 30 days of closing and complete within 6 months.

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Roger

Litigation Attorney

Doctoral Degree

33,584 satisfied customers
I would like to get out of a legal agreement with my

I would like to get out of a legal agreement with my brother, funds will be available upon a successful negotiation. A very complicated legal agreement is in place. My inheritance of 203,000.00 is at stake. Aside from being an "Unconscionable" document, there are in fact loop holes that only a judge can rule on. I am seeking an Attorney to negotiate or put the facts in front of a judge. You can not imagine how betrayed, hurt, and angry I feel, I really need help. I live in Queens N.Y. and the entire sum of the monies were invested in my fathers house. I was scamed by my brother, the equity should be invested in the house and I want to pull out now. We began as partners 50/50 but situations brought this to a whole new level. there is more, he and his wife's name are on the deed, not mine. She is about to retire in the near future (30 years board of ed)My wife and I live in the basement apt, (not legal) and I have been paying him monthly to live here, 2nd floor apt is being rented. He and I both put up our inheritance 203,000.00 each, at closing he took back 15k. After closing is when every thing went sour. I know I have a case but no funds to bring it forward. At best I may be able to retrieve 203k but I have been paying him for over five years. The document states I can pull out after 10 years and get 100k then 10k per year until 203k. in essence he will be giving me my own money back that I paid him as rent (1200.00 monthly)My wife is being treated for cancer at this time, I have not paid him this year. The home is worth over 900k at this time. I really need Help. There is more, I do not believe the document can hold up in court because it all revolves around me living in the illegal apt. I wanted to believe in my brother but it is so obvious he has other intentions. His wife is full owner of the co-op down the street, her son resides there (illegally because he never purchased it or went thru the co-op board)He and I both put up the same money to buy the house, his attorney told him I must sign the money over to him for love and affection, if it's a gift why would a legal document be necessary.The document also states his wife will be a 1/3 owner contrary to our initial agreement of 50/50 (our verbal agreement is when he and his wife die I will own 50%)At the time this all began I was going thru a very difficult time being de-toxed from drug addiction (I was on a methadone program for over 25 years)I waved my right to an attorney at that time, I do believe I buried my self but a judge should be able to see thru all the rhetoric and declare the whole thing "unconscionable"This is my only hope unless he can be reasoned with. There is no communication between him and I.The document must be read, It makes me so sick every time I think about it. You can not imagine the pain and mental anguish I go thru daily over this.My name is***** and my brother is Thomas J Parcase, his wife is Gloria Newman Parcase and we reside at 16-43 166 street in Whitestone Queens N.Y.I can be reached at(###) ###-####(aka Cory)Thank you for any help or advice you might be able to offer : Corrado J Parcase

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CalAttorney2

Attorney

Doctoral Degree

20,260 satisfied customers
I have two contracts that work together, one is a

I have two contracts that work together, one is a residential property (single family home) HUD 203k (also known as homeowner-contractor agreement) and the other is from the construction contractor.Can you tell me which of the two contracts is the controlling contract if there is any conflict between the two?

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Lucy, Esq.

Juris Doctor

30,388 satisfied customers
Trying to prequalify 203k mortgage. However, I have a

Trying to prequalify for a 203k mortgage. However, I have a private mortgage on a rental property from seller. It was a 10 year note that allowed me to skip payments, adding them to the end. Skipping payments was sellers idea, and I skipped about 10 in 3 years to rehab part of it . Turns out, the promissory note his lawyer prepared and notarized does not really reflect the skipping payments agreement.Is there a way to update promissory note with seller yet not risk his lawyer suggesting he try to seize the property for nonpayment? I believe I need update note to get the prequal

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Richard

Owner

Doctoral Degree

47,090 satisfied customers
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