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Recent FHA Loan questions

I am interested in a home that has just been served with

I am interested in a home that has just been served with foreclosure. I have approval for an fha loanJA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?Customer: It is in Illinois and it says that foreclosure in the listing nowJA: Has any paperwork been filed?Customer: It's not my home I viewed it when the realtor was trying to sell itJA: Anything else you want the lawyer to know before I connect you?Customer: Yes how can I go about trying to buy it before the auction date. Yes it says contact the lawyer in the listing

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RealEstateAnswer

Juris Doctor

30,384 satisfied customers
Please. I am trying to find out what do the laws of Michigan

please. I am trying to find out what do the laws of Michigan say about earnest money deposit. Can you please help me?JA: Has any paperwork been filed?Customer: My son signed a purchase contract for a house. The initial terms of the loan have changed in a way that he will end up paying a higher interest rate (0.50%), the interest rate is only fixed for 10 years (versus 30 years), and is being asked to come up with a 25% down payment ($37,500), when it initially was capped at $20,000. So I want to see if he back up without losing the earnest money, $4,400JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: MichiganJA: Anything else you want the lawyer to know before I connect you?Customer: He is being told by the real estate agent that he will lose the earnest money if he takes more time to find another entity to provide financing

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Lucy, Esq.

Juris Doctor

30,310 satisfied customers
I have a question about a subordinate mortgage with HUD, IL,

HelloJA: Hello. How can we help?Customer: I have a question about a subordinate mortgage with HUDJA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: ILJA: Has any paperwork been filed?Customer: Yes. My question is, I sold the house, but have not heard anything from HUD about paying the sub mortgageJA: Anything else you want the lawyer to know before I connect you?Customer: no

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Damien Bosco

Attorney

Doctoral Degree

3,078 satisfied customers
How are you! My Friend have a house in Las Vegas, which now

Hi, Sir,How are you!My Friend have a house in Las Vegas, which now coming an offer, but the buyer buy with FHA loan, buy require:LENDER AND CLOSING FEE: In Addition to seller's expenses above, seller will contribute $6000 to buyer's lender's fee and/ or buyer's title and escrow fee. excluding cost which seller must pay pursuant to loan program requirement. Different loan type(e.g. FHA, VA conventional) have different appraisal and financing requirements, which will affect the parties rights and costs under this agreement.seller to contribute $6000 towards buyer's recurring, and -non -recurring closing cost,points and fees.Because we know nothing about FHA loan, if my friend agree this term, he just simply $6000.00 or he need have some liability with this loan.Thank you so much for your great help.Thanks and best regardsMaggie

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P. Simmons

Attorney

Doctoral Degree

35,648 satisfied customers
Do mortgage companies have a legal obligation to report 30

Do mortgage companies have a legal obligation to report 30 days late to credit bureaus and are not allowed to remove a late report if the circumstances are reviewed and the late payment was found to be not at fault of the borrower (but still late)?? In other words, do mortgage companies have no autonomy over whether a late report may be removed from the credit bureaus?

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Ely

Counselor at Law

Juris Doctor

64,410 satisfied customers
House in Harrisburg - lease option from October 2013 for

House in Harrisburg - lease option from October 2013 for $1200.00 per month with $300 to be held in separate account to be used as down payment or if lease is broken, then it be retained by myself. Appraisal came back at the market value of the selling price. However, came back that the $1200.00 per month was not fair market value and the tenant could not use the funds as the down payment. The bank, Wells Fargo, claims there is a Federal Regulation that states the above is correct and therefore we cannot close on the house - the tenant's application has been denied. Is this correct??

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P. Simmons

Attorney

Doctoral Degree

35,648 satisfied customers
REȘ FHA Mortgage Loan question Is a money gift(for down

REȘFHA Mortgage Loan questionIs a money gift(for down paymnet) from my Mother in Law acceptable?(NOTEȘI am gonna be on the Mortgage myself,without my spouse).If yes,the my mother in Law will wire me some money from a country in Europe.What else would I need from her,beside the wire?Does she have to make a declaration that she is Gifting me the money?And then translate to English,and Apostillate it and mail it to me in the US in original?Or will the Fha Loan offier ask for her bank statemnet?Thanks!

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Irwin Law

Juris Doctor JD

8,808 satisfied customers
While I was married, both of our names where on our FHA loan

While I was married, both of our names where on our FHA loan and on deed of property. I have since divorced and my name has been removed off of property deed. AT the time I was married our loan was through Bank of America as an FHA loan. Since my divorce, my ex has revised the loan and now is a conventional loan without my signature on the loan, and is now appearing on my credit report. How can he modify an FHA loan to a conventional loan with out my signature? Can a bank do this?

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LawTalk

Attorney at Law

Juris Doctor

32,996 satisfied customers
To you. We are holding a 15 year note on property in

Good afternoon to you.We are holding a 15 year note on property in Southern California. It is going on 4 years and the tenants have paid monthly on time. We received a letter from First National Acceptance Company to purchase the note from us.What are the pitfalls/benefits of selling the note? I am 84 years old and having health issues and would really like to sell the note but don't want to make it difficult for the tenants.thank you

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CalAttorney2

Attorney

Doctoral Degree

19,996 satisfied customers
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