I have a home equity loan I want to ditch. Can I use an FHA loan to refinance both my mortgages?

Posted on Sep 9, 2012 in FHA Information

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knowledge of the details facts about the Home Equity Loans

article by Mark Twinton

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Question by : Will I owe foreclosure debt in Oklahoma on an FHA home loan that is in foreclosure?
My home is in foreclosure. I have an FHA loan on which I paid monthly mortgage insurance payments when I was current on the loan. Will they come after me for foreclosure debt by garnishing my paycheck or taking my state or federal tax returns, find or will the FHA mortgage insurance prevent that?? I need any answers or suggestions about what to expect in the coming months.

Best answer:

Answer by kc
The FHA insurance you were paying was not to protect you from having to pay if you defaulted (in this case foreclosure). The FHA insurance helps protect the banks from loosing money if you defaulted. You are still responsible for anything owed after the house is sold. The mortage company will sell the debt to a 3rd party collection company. Yes, you will be hounded by debt collection agencies and they can get a judgment so that your wages could be garnished. They can get a garnishment on state and federal taxes.

You might want to contact a real estate attorney to help you. Sometimes you can negotiate with the lender and they will forgive the debt if you hand over your deed. The down side of getting the debt forgiven is that the IRS considers it income and it will be taxed as income, but it is better than paying for it with interest to a debt collection agency.

The bottom line is that everyone looses (you and the lender), but the debt collection company will be the only one who comes out on top.

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Question by BastardinO: Questions about a house mortgage FHA 203K Loan?
My wife & I are trying to buy a foreclosure and want to fix it up. We both have bad credit, site so we coudln’t get a house on our own even though I make enough money to get the mortgage. I am fixing my credit, more about but it won’t be fixed in time in the next 2 months to get a house. We found a co-signer, see but the mortgage broker said we can’t have that because our credit isn’t high enough. So, my dad is taking out the mortgage and we are told we should get an FHA 203K loan and then he is going to do a quick deed right after, so I become the owner of the house. The mortgage broker said it is hard to get this type of loan these days and the real estate guy said it’s not. I had some questions if anyone has personal knowledge or experience with this stuff.
1. Will I qualify for the tax credit because I am doing a quick deed after or not?
2. Someone said there is a limit of $ 35,000 for repairs on a home with an FHA 203K loan, so if I buy the house for $ 40,000 and my mortgage was for $ 70,000 do I have to spend every penny on repairs? If there is extra, can I keep it until something goes wrong like a basement leak or the furnace breaks?
3. I was also told that you have to get in writing from a licensed contractor for the repairs etc., but they have to be willing to be delayed in payment? How is this so because I thought after you get the mortgage, you get a check and you pay the contractor?
4. The taxes on this house are very high, and people said to appeal to the city, but I heard this usually doesn’t mean they will lower the taxes. Why don’t they make the property tax off the price you pay and what are the chances they will lower my taxes? Thank you to anyone who can help on this subject matter.
Ok, maybe I am confused about the deed thing. The real estate agent said that if he signs the deed over to me, I will be the owner of the house, he would just be responsible for the mortgage. Obviously, I would pay the bank or pay him every month, but according to below, this can’t happen? My real estate agent must be confused.

Best answer:

Answer by golferwhoworks
that will not work either. See once dad buys the home it is his. Now a quit claim deed recorded in the court house will trigger the due on sale clause in his deed of trust so that is out. No you will not qualify as a first timer if there is a family transfer. Yes you must spend the cash on repairs as the file must contain contracts for the repairs. The funds are es crowed at close and when he thinks he is done then the appraiser comes back out and inspects them and then send the new report to the lender who then will release funds to the contractor. Appeals are done and most are never heard with deaf ears. The county wants the tax revenue

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Question by communic8or g: I have a home equity loan I want to ditch. Can I use an FHA loan to refinance both my mortgages?
Depending on what the appraisal comes back at, viagra buy I might be really close to owing as much as it’s worth. Can an FHA mortgage be used for this?
I’m looking for more information on how FHA loans work. Can I use FHA to refinance? If so, view are there any limits on how much I can borrow against my house? Is FHA a pain in the rear to process?

Forget I said anything about equity for now. I just want to know if this is doable.

Best answer:

Answer by goz1111
you need to find out, if you even have equity in the house,

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3 Comments

  1. It’s possible. However, only a lender who takes into account your entire financial picture can tell you for sure. I suggest you talk with several local lenders in your area that handle FHA loans.

  2. Great question! You’re on the right track, too!

    Since you are combining your mortgages, it will likely be considered a cash-out refinance. FHA has one of the highest loan-to-value limits for a cash-out refinance. FHA allows for up to 95% cash-out. Knowing this, a FHA loan is going to be one of the best options for your situation.

    Also, with the new higher FHA loan limits, FHA is becoming increasingly popular for homeowners looking to refinance. In the past, FHA was typically seen as a first-time home buyer’s loan (which it still is great for), but a lot of seasoned borrowers are taking a second look at the rate security and flexible guidelines of FHA loans.

    I’m including a couple links if you’d like more information on FHA loans.

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