Q&A: my fha mortgage is not insured – what do i do?

Posted on Sep 15, 2012 in FHA Information

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Question by reni768: Is there a time frame on closing on an FHA mortgage loan?
I am in the process of buying a house and I know the lender said she had a deadline on completing the paperwork. She got the approval on Friday and says we can close this coming week though we have to come up with $ 3800 down. I have about 1/2 of that and I was wondering is there a time limit on an FHA loan on when you have to close or can our closing be pushed back a week or two for me to get the rest of the down payment??
We have not locked in a rate. My realtor is involved. I dont want my rate to change b/c we got a good rate. I may just have to go ahead and close this week. The money is part that I have saved, medicine some my dad has given me and my sister is going to allow me to borrow some if needed. I guess I could say that money is a gift from her and me & her know between ourselves that I am paying her back!

Best answer:

Answer by Dale … Your Maryland Net Realtor
Part of the “deadline” for your loan will be whatever lock there is … the amount of time that the interest rate you were quoted will remain in place. Normally lenders don’t lock you in at a rate for too long … possibly up to 30 days … because the rates change so quickly.

Possibly the thing that would be more important than what the lender says is what the contract to purchase the home has as a settlement deadline. If you are required under the contract to settle on or before “October 6” and you don’t do it, drug the contract could be declared null and void by the sellers and you could theoretically lose your earnest money deposit. You should verify your settlement date and make sure that your Realtor works with the sellers’ agent extend the settlement deadline if possible.

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fha insured mortgage
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Question by riddlinroy: my fha mortgage is not insured – what do i do?
We went to re-fi our FHA mortgage because the rates are lowered. Turns out our FHA mortgage was not insured by the company who did our mortgage paperwork. The company admitted it was their fault for not filing the paperwork correctly. We are not able to get a re-fi unless we can show we have insurance. The company that did our mortgage keeps telling us that they will file the papers – it’s been 6 months and nothing. Should I call a lawyer or pursue legal action? Should I keep calling the mortgage company that originally filed our paper work who keeps blowing us off? (BTW – they are jerks – big time – I’ve talked to their president a few times and he is a sarchastic #@(*&#)@# – excuse my french) but my wife and I are just extremely frustrated. We don’t know where to turn.
there seems to be a misunderstanding. my mortgage company who did the FHA loan did not insure the loan thru FHA – they didn’t file the paperwork. I have homeowners, viagra sale life, treatment disability, medical, dental – etc. what i don’t have is an insured FHA mortgage. Because it is not insured – if we foreclose on our house – the gov’t doesn’t pay out the mortgage company. this makes us a liability if we go to refi.
wow doesn’t anyone out there have an FHA insured mortgage?
I don’t need any other type of insurance. basically i was effed by my bank and now i can refinance because our mortgage is FHA and our company did not insure the loan via FHA. Please do not talk to me about other insurances – i have them all. I NEED SOMEONE WHO KNOWS ABOUT FHA LOANS PLEASE!!!
how do i put this polietly – i don’t need homeowners insurance – i need someone who knows about FHA mortagages specifically!!! Our lender did not file the paper work with the government for our FHA loan. It is not insured thru FHA. I have homeowners. I have life. I have car. I have disability. I have every insurance that I need except our loan has not been insured thru FHA. If we foreclose on our house – the lender will not get paid by the govt. This is the problem. Please – i do not need term life or any other insurance.

Best answer:

Answer by Billy Rebel
You can still refinance into a new conventional loan, providing you qualify. If your FICO scores are such that you need to stay with FHA, I would call the company that is servicing your loan and also call the regional HUD office. Your lender needs to have an MIC (mortgage insurance certificate) in order for you to do a Streamline Refi.

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2 Comments

  1. Are you talking about Mortgage Life/disability/critical illness insurance, don’t bother getting it through a bank or lender. You are far better off getting term insurance from a lisensed insurance broker.

    Here is a link explaining the differences:
    http://www.asset-aid.com/bank_vs.shtml

    Here is also a link to a 30 minute TV special that talks about how mortgage insurance through banks doesn’t always pay out and it also recommends individual term insurance:
    http://www.cbc.ca/marketplace/in_denial/

    you can also google search something like “Term insurance vs. Mortgage insurance” or “Term vs. creditor insurance”. I have personally NEVER found a single resource that promotes mortgage insurance over term insurance.

    as far as whether you should go with someone else or not, that is totally up to you. My personal opinion is that if I’m not happy with dealing with a company and they don’t seem to appreciate your business, go somewhere else. The great thing about a capitalistic society we live in now is there there are TONS of options so if you aren’t happy with one, you can check out another.

  2. OK, YOU are the one always responsible to get homeowners insurance.

    Your mortgage company, CANNOT buy YOU a policy for coverage. They can only buy THEM a policy, and charge you for it, but YOU would be uninsured, and YOU will not be able to refinance. Whoever you’re talking to, there must be some MAJOR miscommunication going on, as THEY can’t buy YOU coverage.

    You actually have no loss, until you have an uninsured claim.

    Go to your local agent, the guy that writes your car insurance, and have him write you a homeowners policy. Now. So if the house burns down tomorrow, you aren’t totally screwed.