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Recent FHA Loan questions

I'm selling my house "as is condition", received an offer

Good morning. I'm selling my house "as is condition", received an offer from prequalified buyer who was willing to close deal in 21-30 days. After I accepted offer was informed by my realtor that buyer changed condition and will use financing through FHA loan and some repairs should be done in my house for FHA inspection. I don't have money for those repairs and specified that my house sells in condition " as is". My realtor told that buyer is willing to do repairs by himself before inspectin and they willing to sign agreement if they don't get approve for loan through FHA I won't be responsible for cost if repairs.I'm feel very unsecured by letting someone in my house to do repairs while house is still not sold. I do live in California.Please need legal advice ASAP

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Loren

Juris Doctor

44,900 satisfied customers
FHA lender - N.J. - is requesting my separate signature on a

FHA lender - N.J. - is requesting my separate signature on a modest mortgage that I agreed to "co-sign" w/ my son whose wife will easily make payments which is well below current rental costs. Question: If I am a co-signer with an "Excellent" FICO score - 804 plus good financials...why are the lenders quoting the interest rate will be set in the "high 4.% instead of basing it on my rating which would qualify for a current rate of 3.89%? I am annoyed since they want me to sign a separate document I feel they should take my excellent standing. Please advise if I should be arguing the point. Thank you.JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: I did...New Jersey.JA: Has any paperwork been filed?Customer: All e-documents. Today FHA lender sent the first "official" agreement lt for the loan. That's when the issue of question about my status as "co-borrower" seems to now be "borrower". If I am a "borrower" I should expect low interest rate.JA: Anything else you want the lawyer to know before I connect you?Customer: Basic question...basic answer would be helpful. Is there a charge for this initial inquiry?JA: You just pay a $5 deposit now and the rest only when you get a reply from the Real Estate Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: Excuse me...what does the term "the rest..." mean in terms of actual cost?

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RealEstateAnswer

Juris Doctor

36,980 satisfied customers
I live in +55 yrs resident condos. There are some owners

Good Morning, I live in +55 yrs resident condos. There are some owners renting out their units now. I was just informed that if the number of unit reach a certain % of the total units, the owners could be forced to sell at a reduce price and make the complex rental units only?JA: Because laws vary from place to place, can you tell me what state the property is in?Customer: St. Petersberg, FloridaJA: Has any paperwork been filed?Customer: none known.JA: Anything else you want the lawyer to know before I connect you?Customer: just how I safe guard myself and other owners being pushed out?

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Lucy, Esq.

Juris Doctor

34,028 satisfied customers
Do the rules still apply in a short sale for a waiting

Do the rules still apply in a short sale for a waiting period to purchase a home? I cant help that I lost my job in 2009 and I have had 4 Bank transfers while I was trying to do a hamp program then traditional short sale for the last 7 years. We did not make any house payment since unemployment only coveted utilities & food and didn't get hired until march 2015. I finally had to leave the home because of hidden mold in the walls. I left in November 2015 and have paid rent for 18 months in a different home.Do I still have to have a waiting period to purchase a home since in essence been paying rent for 18 months and not in my control that the short sale lenders kept me from closing or working with me?

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KJL LAW

Juris Doctorate

2,576 satisfied customers
Have a new curveball contract. Buyer is going to assume the

Have a new curveball contract. Buyer is going to assume the seller's FHA loan and come up with cash for the difference between the loan and purchase price. Are there any contract forms out there to account for this type of transaction? Will I still order title as usual? Thank you as always

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Attyadvisor

Doctoral Degree

8,684 satisfied customers
I'm currently purchasing a home and my mortgage lender

Hello, I'm currently purchasing a home and my mortgage lender requested bank statements, which I provided; however, I redacted amounts that were less than $100. The underwriter wants unaltered bank statements and has made that part of my loan condition. This is an FHA loan. Do I have to provide my banks statements again, and I can't redact any information? It's personal.

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Marsha411JD

Doctoral Degree

19,732 satisfied customers
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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39,724 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

36,980 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

36,980 satisfied customers
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