How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
characters left:
5 Real Estate Lawyers are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Questions about FHA Mortgage Rules

The Federal Housing Administration (FHA) helps low-and middle-income families to buy homes with the help of mortgage loans insured by the FHA. By insuring the loan, a lender’s risks become lowered and it becomes easier for them to grant loans to borrowers.

Listed below are a few questions on FHA mortgage related issues.

I have an FHA mortgage in Maryland. My mortgage balance is higher than my property value. I don’t qualify for a short sale and have not been able to sell for a year. If I walk away from my property, can the lender sue me and try and acquire my wages and other assets?

In Maryland, if you decide to walk away, and the money gained from a foreclosure sale of your property is not sufficient to pay off the balance owed, your lender can sue you for the difference in money owed. Once the court passes a judgment, they can seize your assets, garnish your wages and levy your bank account.

If a borrower has an FHA loan, does the lender have to make a reasonable effort to work with him even if he has defaulted on his mortgage?

The borrower has a contractual obligation to make all payments towards his mortgage as agreed and the lender only needs to make a reasonable effort based on his discretion. There is no legal obligation to do so.

I currently have FHA mortgage insurance on my home loan. As I had to move out of my primary residence and am renting, I cannot afford to pay for both houses. If I default on my loan, can FHA take the money out of my disability check?

You need not worry about your disability check as it is exempt from judgment enforcement. What you should do is review your insurance policy and check the extent of coverage that you have purchased.

If you have a primary residence with an FHA mortgage, can you buy a second property with an FHA 203k?

The Department of Housing and Urban Development has a set of guidelines that usually don’t allow for more than one FHA loan per individual or couple. There are exceptions to this rule.

  1. 1. The first property can be kept and maintained as a rental if the borrower decides to relocate to another neighborhood that is not within reasonable commuting distance.
  2. 2. The borrower can apply for a second loan if the family becomes larger and there is a need for a bigger house. However, in this case, the existing FHA loan needs to be either documented with a current appraisal to show a 75% loan-to-value or less, or paid down.
  3. 3. In special circumstances such as divorce, if the borrower decides to vacate a jointly-owned property while the co-mortgagor chooses to remain in the residence, the borrower can seek a second loan.
  4. 4. The borrower can apply for a second loan if the borrower is a non-occupying, co-borrower on a piece of property that has been bought with the help of an FHA loan. This property could have been purchased as a principal residence for other family members, yet if the borrower has a joint interest in that property as well as in his/her own principal residence, he/she can seek a second loan.

Unless you fulfill one of the above exceptions, in all probability FHA will not insure a second loan.

The FHA has many rules and regulations that govern FHA mortgages. Also the amount of money that you can get from FHA-insured mortgages varies in different counties and different states. As a borrower, you must be aware of how the FHA works and understand the ways in which it can help you with closing costs on your loan and even mortgage insurance.

Ask a Real Estate Lawyer

Tina
Tina, Lawyer
Category: General
Satisfied Customers: 5379
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
characters left:
5 Real Estate Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Real Estate Lawyers are online & ready to help you now

Tina
Lawyer
Satisfied Customers: 4813
16 years of legal experience including real estate law.
Law Pro
Lawyer
Satisfied Customers: 6227
20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
Lawyer
Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

Recent FHA Mortgage Questions

< Last | Next >
View More Real Estate Law Questions