Q&A: Questions about a house mortgage FHA 203K Loan?

Posted on Sep 8, 2012 in FHA Information

by href=”http://www.flickr.com/photos/7616706@N05/4385514628″> Center for American Progress

knowledge of the details facts about the Home Equity Loans

article by Mark Twinton

For more informaiton please visit here …
Related Articles Stated Income Home Equity Loans
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.

Give your answer to this question below!

Verify out these castle images:

castle with drawbridge
Image by NapaneeGal
This castle was halfway down the hill, no rx about five minutes’ walk from exactly where we had been staying. The walls about the castle housed a flower shop and a convenience retailer, pilule inset into the thick stone.

The drawbridge can’t be seen in this shot, page although you can make out the chains that operate it.

For much more properties click right here…

Castle story.
Image by DeusXFlorida
Castle story. Florida. Model: Tatiana. Nikon D60 + Hasselblad Carl Zeiss Planar 80mm f2.8 (manual) .

More excellent homes click right here…
HARP Refinances Continue Robust Pace in July
… nowadays released its July Refinance Report, viagra 60mg which shows a essential milestone was reached when more than 519, medical 000 loans have been refinanced by means of Fannie Mae and Freddie Mac under the Property Affordable Refinance System (HARP) given that the beginning of this year …
For much more informaiton please check out right here…

White Property Refinancing Plan Advances
and Robert Menendez (D., N.J.), would make it feasible for a lot more home owners to refinance their mortgages with any lender beneath an current government program, permitting them to shop about for the best rate. It would also remove specific charges that …
A lot more informaiton please check out here…

Mortgage Refinancing&#39s Future Could Mean Models Overstate Returns
Individuals guidelines “at some point” are probably to replace the looser recommendations targeted at borrowers with small or no residence equity below the federal House Inexpensive Refinance Plan introduced in 2009 and refined final year. That would enhance prepayments amongst …
For far more informaiton please check out right here…
Mid-Year Review mREIT – Where Do We Go From Here
To pay high income, online multiply mREITs the shareholder capital through short-term loans. The more they … more Six Months Results and Payout Ratio – Net income is the excess of income over expenditure for the primary activities of the company …
If you want more informaiton please visit here …
actor and Accountant from California agree to Guilty Plea for Conspiracy Set
The court documents filed today outline a scheme that was conducted from November 2005 to June 2007 and involved Lister, Chavez, and some other people, including: Sami Sweiss Sager, a former mortgage loan officer based in Woodland Hills, and Jason …
more informaiton please visit here …
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

Know better? Leave your own answer in the comments!

5avg.rating 13 votes.


  1. As a loan officer able to do loans in all 50 states if you don’t have anything in judgment on your cr and have a score of at least 57*
    you can be approved for a home loan.
    Doing the loan the way your describing is so much more complicated than what it needs to be.

    I would be happy to guide you through the process even if you do not use my services.

  2. 1. No, your father will have to sell you the house, the lender will not let him just deed it over to you. The bank will not allow the deed to change hands until the mortgage is completely paid off. You will not qualify for the credit buying from your father. I am clueless why you think you will qualify to buy after he buys it, your credit situation will not change.

    2. There isn’t a limit, but this will work like a construction loan, there is no keeping any money.

    3. You get the checks after each portion of the contraction has passed inspection. There is no money in advance.

    4. All this depends on the city and state. There will be two assessments, one before and one after improvements. This is standard whereever you are.