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Recent FHA Loan questions

I am talking to a seller about assuming her 1st and 2nd lien

I am talking to a seller about assuming her 1st and 2nd lien mortgage until I can get a fha loan for full amount as owner occupant in July 2017 when tenants move out. (see her comments to me: "Then you can open up escrow as long as you pay closing or I can quitclaim to you once you give me the 6k deposit. The latter is easier for me. But possession won't happen until 7/1 when the lease expires and the tenants have been notified and are cooperative as well.")1.Don't trust her with my 6k unless you think her quit claiming house to me is safe (but probably need to do promissory note to the two private lenders holding the first and second mortgage so they don't send a due on sale clause on me)2.Don't know her tenants but heard they have been slow pay so possibly have to do a cash for keys situation with them to get them out in July?3. Need your opinion on what else you think could go wrong with this deal.

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39,458 satisfied customers
I moved to Rochester, NY and ended up buying a house with

I moved to Rochester, NY and ended up buying a house with the intention of settling in here for the long haul. Right after I moved into my house, I had terrible times at work. I started a job search out of fear of termination due to constant conflict after they bait-and-switched me out as staff augmentation for another company.I worked through two recruiters and could not find a suitable place to work in the area after a month of searching. There wasn't even an interview or a phone screen- nothing available. Using my connections, I found a job in 1 week and was given an offer letter for a position back in California where I moved from.I signed an affidavit of occupancy because this is an FHA loan. I have no intention of getting another loan anytime soon and I'm going to just rent for a time in CA. The thing is, I also wish to rent out my property here because I would have to sell it upside-down.What do I do? I am worried about this affidavit of occupancy, but I've also heard that my circumstance may be an exception. I've also heard I may have to document this somehow. Please help

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RealEstateAnswer

Juris Doctor

34,914 satisfied customers
I am considering purchasing a home theater sellers agent has

Good afternoon I am considering purchasing a home theater sellers agent has attracted an FHA Amendment the seem to me to require I use a particular mortgage lender and unless I'm reading it incorrectly,unless that lender denies me a loan I'm obligated to use that lender which I'm not going to agree toJA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: GeorgiaJA: Has any paperwork been filed?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: I don't think so Thank you

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RealEstateAnswer

Juris Doctor

34,914 satisfied customers
My brother would like to purchase the home he now lives in.

My brother would like to purchase the home he now lives in. He feels that he would be able to pay for a down payment and manage monthly mortgage payments and taxes, but due to a debt he owes to the IRS and poor credit, he feels that he would be unable to secure a mortgage on his own. He asked for my help in 1) either co-signing a mortgage with him (which I am concerned about in case the IRS takes the home as payment and I am stuck paying the mortgage anyway with no asset) or else 2) for me to take out the mortgage in my own name and have him pay all the bills. If I take out the mortgage and he lives in the home, would I have to take out a commercial mortgage since I would be "renting" it to him?...or is there a provision with a close family member where I could take out a conventional mortgage, and have him pay the bills and live in the home? Trying to help him out without paying a really high mortgage rate and/or incurring major risk....thanks so much!!

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Lucy, Esq.

Juris Doctor

33,048 satisfied customers
I have an FHA loans owned by what was Ginny Mae which I

I have an FHA loans owned by what was Ginny Mae which I recently read is bankrupt since 2009 and basically doesn't exist anymore my loan has been recently transferred from BAC home loans to a new services Carrington Mortgage and nobody can give me a straight answer about Ginny Mae do you think I have a case to question the validity of this loan?

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Ray

Lawyer

Doctoral Degree

41,440 satisfied customers
Is it possible to sue a lender for punitive damages if they

Hi yes. Is it possible to sue a lender for punitive damages if they intentionally refused to get in contact with me before the loan commitment date?JA: Because laws vary from place to place, can you tell me what state this is in?Customer: MissouriJA: Has any paperwork been filed?Customer: What kind of paperwork?JA: Anything else you want the lawyer to know before I connect you?Customer: No

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RealEstateAnswer

Juris Doctor

34,914 satisfied customers
I am trying to understand what options I have with regards

Hello I am trying to understand what options I have with regards ***** ***** my condo there is a long wait list for a lease permit for my communityJA: Because laws vary from place to place, can you tell me what state the property is in?Customer: Georgia zip code 30309JA: Has any paperwork been filed?Customer: No I am just trying to assess my options nowJA: Anything else you want the lawyer to know before I connect you?Customer: ahhh I have a fha loan

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Ely

Counselor at Law

Juris Doctor

68,620 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

115,336 satisfied customers
I had a short sale on January 2014, at that time the period

I had a short sale on January 2014, at that time the period of time before I could purchase a home again was two years. Can they change the law later and apply it retroactivelyJA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: NevadaJA: Has any paperwork been filed?Customer: Paperwork???JA: Anything else you want the lawyer to know before I connect you?Customer: I was planning on buying a house on January 1st, that's when my period was expired, but if they change the law I won't be able to buy a house until one more year

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

52,130 satisfied customers
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