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Followup question on FHA costs Buyers not permitted (or

FOR BARRISTER: Followup question on FHA costs Buyers not permitted (or pre-2006 weren't permitted ) to pay:Mortgage officer has confirmed our (the Buyers) closing costs to be $5,500. The Seller just sent us a proposed Addendum stating that Seller will first apply that sum to costs Buyer is not permitted to pay before being applied to Buyer's stated closing costs. So we were concerned that worded this way, Seller's agreement to pay $5,500 in Buyers' closing costs might be illusory to some extent, as the $5,500 might be eaten up by costs the Buyer wouldn't ordinarily pay. Or is this language really of no effect since most of Buyer's non-permitted costs have been removed?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

 
44,784 satisfied customers
My daughter owns a condo that she bought in 2006 for

My daughter owns a condo that she bought in 2006 for $169,900 that is not only upside down on the mortgage but is a Comm Development (CDA) loan with a 6% interest rate!. At the time it was a 5/30 with only interest paid the first 5 years! None of the banks will refi the loan because it is CDA. The CDA is not an FHA so none of the Gov't programs will help her. She is in good standing and not in foreclosure on the loan. How do we get out of this monster loan? The loan has been sold to first a servicing company, then 2 banks who have dumped the loan, now it is with another servicing company Dovenmuehle Mortgage (who handles HUD loans). I thought about paying it off for her with my inheritance money but she would have to pay me back over a 15 year term and I'm 65 years old and she wouldn't get a write off on her Income tax. Or, paying off the 60K that is causing it to be underwater back to a reasonable market value of $100K which is what they are selling for now. This loan was not a good idea and many first time homebuyers in MD are having the same issues. Most have filed foreclosure already. Any ideas on what to do?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

 
44,784 satisfied customers
Purchased home from nton Mortgage thru Banner Bank Sept 1986

Purchased home from Hinton Mortgage thru Banner Bank Sept 1986 orig loan 60,619.00 30yr 9.5% fixed rate FHA loan. Husband lost Job, got behind on payment. HUD took over loan in 1992. Made payments to Hud for aprox 4yrs. Loan was sold or given to Ocwen Federal Loan servicing 03/01/1996. Maturity date 08/01/16. Rec'd Balloon Letter in March of this yr. saying payment due in full on maturity will not accepts payment after that time. Requested pay off quote they are saying we still owe $44K. Loan amount turned over to Owen looks like $60,619.00 the total amount of the Loan??. 20 yrs later I owe $44K, where is the credit for the 10yrs of payment made prior to Ocwen (between Hinton Mortgage and HUD). If the balance turned over was incorrect, the application of principal and interest incorrect for 20 yrs is also incorrect. Rec'd amortization schedule from Ocwen in 1996. They are not following their own schedule. I have copy of Deed and Trust between HUD and Ocwen, I have paper work from Hinton Mortgage, I have an annual tax-loan/Escrow statement from HUD dated 01/07/92 -12/3192 showing I paid $7,217.33 in interest nd $1,142.15 in tax. I am current on my loan payments. I look forward to paying off loan, but we do no owe $44K. A few yrs ago Ocwen said we were current on our principal and no longer needed to be on their Forbearance plan. They adjusted my payment from $735.00 a month to 705.00. When asked if he adjustment was enough to pay off loan at maturity, they said it would pay every thing except arrearage in the amount of aprox $9K (owe less than now) . I feel Ocwen is trying to steal our home by saying we owe $44K. I have not rec'd statements from Ocwen in yrs, although requested never rec'd. I do have payment history from Ocwen dating back to 03/01/96 - 06/15/96, it is not a running total and the report is hard to read. Can you firm help me?JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: Dallas TXJA: Have you talked to a lawyer yet?Customer: Most represent Ocwen. Some feel because my house is not in foreclosure, the case is light. And others are way out of our price rangeJA: Anything else you think the lawyer should know?Customer: We filed Bankruptcy about 5 or six years ago included Ocwen, but continued to make our mortgage payment. Ocwen said the Bankruptcy has been dischargedJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Real Estate Lawyer about your situation and then connect you two.

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3,740 satisfied customers
Does a condominium complex of eight or fewer units require a

Does a condominium complex of eight or fewer units require a reserve study if the owners vote "no" for Redondo Beach, California?

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Attyadvisor

Doctoral Degree

 
6,490 satisfied customers
Im buying a home,contingent on FHA Mortgage. Question:who

Im buying a home,contingent on FHA Mortgage.Question:who will pay for the FHA Inspection made by the Lender(to see if the property qualifies as FHA)?I assume the Lender,correct?Question:Is and FHA Inspection more Rigurous than a regular Home Inspection?

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Lucy, Esq.

Juris Doctor

 
29,200 satisfied customers
I made an offer on a SHORT SALE house.The Short sale process

I made an offer on a SHORT SALE house.The Short sale process is at the beginning,so I will not find out very soon,if the Lender approves the offer.I made the offer with an FHA Loan.My concern is that I would like to find out if the house would be approved for an FHA,because I don't want to wait a month or to,for the bank to approve my offer(in case they approve it),and then to find out that ,eventually ,the house would not be FHA APPROVED...Can I take a regular home Inspector to inspect the house ,to know if it would pass FHA Inspection?Are there Home Inspectors Specialized for FHA Inspections?Or I can use any Home Inspector,as they would not the "checklist" for a property passing an FHA Inspection?OR :can the owner of the house order an FHA Inspection directly from the FHA authority?(as I know that only owners can ask for "Fha" qualifications on their own house...Thanks!

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J. Warren

Attorney

Doctoral Degree

 
3,870 satisfied customers
My mother passed away she has a reverse mortgage. can her

my mother passed away she has a reverse mortgage. can her handicapped son continue to live there or will the bank want there money? if they do want there money what is the time frame for payment?

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Irwin Law

Juris Doctor JD

 
8,076 satisfied customers
I was in the process of buying a house. Everything got

Hi, I was in the process of buying a house. Everything got cancelled because by FHA regulations the seller can't sell the house yet. before things change the mortgage sent the appraisal inspectors to inspect the house but now the appraisal company is calling me every time telling that I have to pay the appraisal report but I don't want to pay. I need to know what will happen if I dont pay? can I make seller pay since its their fault that everything got messed up?

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KJL LAW

Juris Doctorate

 
728 satisfied customers
MORTGAGE QUESTION I had a Short Sale on my condo,in June

MORTGAGE QUESTIONI had a Short Sale on my condo,in June 2013.I want to purchase a condominium this year.But my Mortgage Loan officer said that I can only qualify for an FHA Mortgage,because of the past Short sale(3 years from the short sale).Question:when will I qualify for a Conventional loan again?next year?Is it 4 years after the short sale?

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Lucy, Esq.

Juris Doctor

 
29,200 satisfied customers
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