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Recent FHA 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

30,308 satisfied customers
State of Missouri. Buyer informs me he is backing out

State of Missouri. Buyer informs me he is backing out because he can't get financed and I can keep the $500 earnest money. Page 2 line 5 of contract says "This agreement is not subject to the Buyer being approved for financing and does not involve FHA or VA financing. " I'm a little worried in just saying o.k. I'll keep your $500 and we are done. Should there be a process to put that contract to bed so that I have no worries and can put the property back on the market quickly ?

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Lucy, Esq.

Juris Doctor

30,308 satisfied customers
This is regarding the way a HOA President and HO Management

This is regarding the way a HOA President and HO Management clear unequal treatment and harassment to minority, race and ethnic people like me and my wife.Posible violation to EEOC regulations and FHA.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

107,984 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

3,066 satisfied customers
We just bought a house at the end of August.Our insurance

We just bought a house at the end of August.Our insurance cancelled on of because the roof is not good. It was inspected by FHA. Are we liable for the roof?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

47,090 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
I just bough a 2 family house with a finished basement. I

Hi, i just bough a 2 family house with a finished basement. I bough the house under FHA plan. I know that FHA regulation states that I must live in the house. My question is, can I live in the basement and rent the first and second units to tenants? Am I breaking the FHA regulations if I do that?

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LawTalk

Attorney at Law

Juris Doctor

32,994 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
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