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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] No, absolutely not... Posted by Ward-CA- on July 14, 2003 at 8:49 AM In Reply to: Is it worth pursuing REOs that are FHA-insured? posted by Michael on July 14, 2003 at 7:58 AM : Question - I've seen some properties with FHA mortgage that I would've liked to acquire, but their judgement amounts were too high and they became REOs. Is it worth to approach the bank about buying that property at a discount, or do the banks automatically turn it over to HUD in order to get compensated by FHA insurance? Thanks a lot in advance. =========================== Michael, Don't waste any time with foreclosure properties that went to the insured or guaranteed lender at the foreclosure sale. Those lenders have absolutely no incentive to give anyone a deal since they stand to get every penny due them under their VA guarantee or FHA insurance. Hope this helps. Follow Ups: hoodia Harry Juna 10:02 PM, 02/03/05 (0) Re: No, absolutely not... Michael 10:20 AM, 07/14/03 (1) The real "gems" are the non-FHA/VA deals.. Ward-CA- 7:04 PM, 07/15/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Question - I've seen some properties with FHA mortgage that I would've liked to acquire, but their judgement amounts were too high and they became REOs. Is it worth to approach the bank about buying that property at a discount, or do the banks automatically turn it over to HUD in order to get compensated by FHA insurance? Thanks a lot in advance. : =========================== : Michael, : Don't waste any time with foreclosure properties that went to the insured or guaranteed lender at the foreclosure sale. : Those lenders have absolutely no incentive to give anyone a deal since they stand to get every penny due them under their VA guarantee or FHA insurance. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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