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Recent 203k questions

During the end of my 203k renovation, the village required

During the end of my 203k renovation, the village required the plumbers to take up the concrete in the laundry room and connect the laundry drain to the pipe leading to the sump pump.  Ever since they did that, my basement floods every time it rains because water comes up from the floor drain in my basement bedroom.  I have had 3 different plumbers come out and tell me that the bedroom floor drain used to be connected to the pipe leading to the sump pump and the previous plumbers never reconnected it.  I called the previous plumber and he came and reopened the concrete (on a section of the floor that is not even related to where he made the error) and is saying it's not his problem.  So my basement is not livable, he cut and left a 3 foot deep hole in my laundry room floor that is a safety hazard, and he will not return my calls.  The general contractor doesn't seem to want anything to do with it either. I am obviously going to have to have someone come out and fix this because I can't keep letting my basement every time it rains, but is there something I can do about collecting the cost for all the damages from the flood and the cost to fix the issue?  Or am I just out of luck? I had a Homeowner/contractor agreement also, it was required by the bank.JA: What state are you in? It matters because laws vary by location. Has anything been filed or reported?Customer: Illinois. Nothing filed yetJA: Anything else you want the lawyer to know before I connect you?Customer: No

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Damien Bosco

Attorney

Doctoral Degree

3,830 satisfied customers
I was denied getting a 203K loan for a $40K Chicago property

I was denied getting a 203K loan for a $40K Chicago property with $25K of rehab.The reason was based on what was reflected on my Credit Report. I requested a copy of their report and was told they were not allowed to release the report they evaluated for the determination. I did have an item on my report that the loan agent seemed to be an probable issue. I am moving from Calif home (mortgage) to Illinois property (new mortgage). The debt to income ratio is below the threshold to be able to handle both notes (a discussion we did not get a chance to address because of a collection on the report that I was disputing-fraudulent charges).Are the HUD/FHA rules so strict that they do not allow proof of fraudulent activity to be proven with a police report ?So again, my primary question is I asked for a copy of the lender's report, who refused to provide. I asked because the my 3 bureaus reports were showing something different then the lender used to evaluate to approve or deny.Please advise who I can pursue this further. It has caused me the opportunity to buy my new home and rent out my existing home.Thank you

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MIAMILAW1127

Partner

Juris Doctorate

1,620 satisfied customers
I was attempting to purchase a house, it went into an

I was attempting to purchase a house, it went into an auction I won auction, after winning my agent discover they only took specific loans Closing date was over 2 months away, I immediately contatced a mortgage company for this specific 203k FHA loan typeJA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: I'm in south carolina. On first communication i asked if the time fram is a problem. I was told no, there was more than enough time As the process went on my loan officer stopped communicating, I called their customer service line, and was placed with another agent, but told he was 203k specialist and would still be involved closing is 11/28, my loan company has not responsded from request from closing agent.JA: Has any paperwork been filed?Customer: loan application? yes my credit was pulled weeks ago, but for some reason they never submitted it to underwritingJA: Anything else you want the lawyer to know before I connect you?Customer: Closing is 11/28 and thanksgiving is next weekend. Have they broken any laws/policies by not acting on my loan in a timely manner.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

116,550 satisfied customers
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

37,112 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

69,102 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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3,854 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.

4,646 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

2,354 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

34,968 satisfied customers
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