Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Susan asks…

What happens if you get HUD or Section 8 housing and then earn too much?

Suppose a person is eligible based on income – and is admitted to HUD or Section 8 housing. Then, once they’re in, they start earning too much money. Do they get evicted?

Your Questions About Foreclosures

The Expert answers:

You would not get evicted. Your section 8 would be lowered or no longer help you pay your rent. You must report a change in the amount of income your receive within 10 days.

Your Questions About Foreclosures

Joseph asks…

What is the difference between forclosure,REO and HUD?

I visited a site and it said it has foreclosure houses for sale,but I realized that all that houses are HUD homes.I visited another site that said that they have foreclosure houses for sale and all houses were foreclosures.Are foreclosure houses and HUD houses the same.Where can I find REO houses for sale?

Your Questions About Foreclosures

The Expert answers:

A REO is a home that has completed the foreclosure process and is now bank owned property.These properties could be owned by the lender themselves, national investors, or the two largest mortgage holders Fannie Mae (FNMA) or Freddie Mac.

A HUD home is a home that is the property of the Housing and Urban Development

Foreclosure is a misnomer as the property has past the foreclosure stage and is now the owned by a a lender, governmental agency, such as HUD or VA.

The only way you might purchase a foreclosure is directly from the person residing in the property. This is called a pre-foreclosure purchase. The person residing in the property is in foreclosure and have the option of selling the property or bringing the mortgage loan current. Failure of this owner to do either the foreclosure procedure is complete. Once completed the property now is Banked owned (REO) or a HUD property.

You might find REO properties for sale through your local real estate agent as most banks hire a local real estate brokerage firm to sell their bank owned property (REO). Any real estate agent has access to the local MLS where REO properties are normally listed.

To purchase a HUD owned property you must find a HUD approve real estate agent that would make a bid for a HUD owned property on your behalf.

The sites you are looking at might be a very good site to purchase a REO or HUD property, I find it better if I am using a local real estate agent that know the area and has knowledge of local customs and laws.

I hope this has been of some benefit to you, good luck.

“FIGHT ON”

Your Questions About Foreclosures

Ruth asks…

What are the FHA or HUD requirements for refinancing my mobile home in North Carolina?

I recently started the refinancing process of my home, located in Charlotte, and now have told that it must meet the HUD foundation requirements for manufactured homes. I have lived in my home for years with no problems, so what are these requirements and why are they needed?

Your Questions About Foreclosures

The Expert answers:

HUD foundation requirements are required by ALL lenders in which manufactured or mobile homes are financed or refinanced using FHA backed loans. In order for the FHA to insure and distribute loans on manufactured homes, they require that the foundation of the home meet the requirements of HUD, specifically, HUD Handbook 4930.3 entitled, “Permanent Foundations Guide for Manufactured Housing”. These guidelines are however, more stringent than the local building codes in which the home’s foundations are originally built. Therefore, a home’s foundation can be structurally fine per the local buildling codes but still not meet the HUD guidelines.

HUD guidelines for the FHA backed loans are based on providing additional structural stability to the foundation and ensuring that the systems are permanently installed (not removable). Below, I have listed the basic HUD foundation requirements for FHA backed loans.

• Concrete footings shall be provided below the frost line for the concrete block piers that support the chassis.
• Concrete block piers shall be laid using Portland cement mortar. (As an alternative, blocks may
be laid dry and secured with fiber reinforced surface bonding cement such as Surewall or
Quickwall.) (Not required for Freddie Mac.)
• Chassis shall be anchored to the footings. (Screw-in earth anchors cannot be substituted for
anchoring to the footing!) The Vector Dynamics brand stabilizations systems are acceptable. (Not
required for Freddie Mac.) (Recommended system shown below, Contact us for number and
placement of systems.)
• Foundation shall be enclosed with a durable material, such as masonry.
• Adequate number of screens shall be provided (1 square foot of net free area per 150 square feet
of crawl space floor area) around the entire perimeter of the building.
• Entire dirt floor of the crawl space shall be covered with 6-mil polyethylene plastic sheeting.
• Tongue, axles, and wheels shall be removed from the site.
• Utilities shall be permanently installed.

Your Questions About Foreclosures

Michael asks…

How long does it take for HUD to review the contract and how long must i wait til closing?

Hud already has my contract, so now what? How long do i have to wait til closing, my agent said that now my loan officer has to review the numbers for my mortgage and lock in the rate, when will this happen and how long is this process now…

Your Questions About Foreclosures

The Expert answers:

Have you already did your home inspection?the termite inspection and the apprasal? If not that is next if you have then the loan officer will get your file together to go to the underwriter and that person will review your file and if everything is good then they will approve it, the underwriter is the last person that looks at the file and says yes or no to the loan.Good Luck!

Your Questions About Foreclosures

Donald asks…

What do you do if your 1098 points and Hud-1 points do not match for tax purposes?

I bought my first house in 2011. My HUD – 1 form shows that my origination charge is $4007.00. I remember that I paid some points to a loan broker but when I receive form 1098 it shows $0 in line 2. What should I do now? Can I deduct $4007 as my points and attach HUD to prove it?

Your Questions About Foreclosures

The Expert answers:

You claim the $4007 that seller paid (which is why it’s not on the 1098) – “A borrower is treated as paying any points that a home seller pays for the borrower’s mortgage.”

No need to attach HUD-1, or anything else related to purchase. This is a normal transaction.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures