Im interested in adopting a FHA mortgage … It is a loan taken care of. Any info would be helpful?

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My husband and I had a foreclosure and bankruptcy in November from 07 September from 08 We’re back to do it alone, and was offered to “take” a mortgage. As we understand it takes about $ 1,000.00 in fees and we are fundamentally responsible for the balance of the loan. We were told we had to do not to our credit rating and foreclosure and bankruptcy case history. We started to rebuild our credit and have money for when we are ready to buy again. I am very skeptical and would like to hear others’ thoughts on this process. Thank you!

  1. Reply
    May 16, 2011 at 3:37 am

    try this site (i’ve used it):

  2. Reply
    Gaytheist Buddha
    May 16, 2011 at 4:19 am

    A very easy question to answer.

    The “Truth in Lending Statement” loan cover letter has a check box near the bottom that indicates whether or not the loan is assumable. The full text of the Trust Deed will explain under what circumstances. Ask the seller to show you their paperwork.

    The seller also has to agree to letting you assume their loan.

  3. Reply
    Arbor Mortgage
    May 16, 2011 at 4:37 am

    With an assumable loan, you do have to qualify for the loan with that bank. They will require a credit check and likely a full underwrite of the loan. The fees do sound about right. If you can, try to find out what bank holds that loan and call them to ask the assumption policy. Then you would know exactly what’s expected of you.

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