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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] About FHA again... Posted by Michael on July 16, 2003 at 1:06 PM OK, I'd really appreciate if someone can let me know what happens in this situation: A house with FHA mortgage went to sale. The original purchase price of the house was $67k, mortgage amt was $66k. The house went to the Trustee sale and was sold to plaintif(the bank) for their bid of $81k. Question - I know that FHA loans are insured. But what happens in this case? If the bank turns over this house to HUD, will they get paid their judgement amount or original loan amt($66k). The point is that - I would like to buy that house for around $70k. I think it will be easier for the bank. But I don't know if it makes sense approach them if FHA/HUD will pay them more. Does anyone know an answer to this situation? Thanks a lot in advance. Follow Ups: FHA wil pay the $81,000... Ward-CA- 11:01 PM, 07/17/03 (1) Re: FHA wil pay the $81,000... Michael 10:19 AM, 07/18/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : OK, I'd really appreciate if someone can let me know what happens in this situation: : A house with FHA mortgage went to sale. The original purchase price of the house was $67k, mortgage amt was $66k. The house went to the Trustee sale and was sold to plaintif(the bank) for their bid of $81k. : Question - I know that FHA loans are insured. But what happens in this case? If the bank turns over this house to HUD, will they get paid their judgement amount or original loan amt($66k). The point is that - I would like to buy that house for around $70k. I think it will be easier for the bank. But I don't know if it makes sense approach them if FHA/HUD will pay them more. Does anyone know an answer to this situation? Thanks a lot in advance. 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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