![]() |
Foreclosure Forum |
|
FHA Preparation?I had been under the impression that on FHA insured loans, lenders assign their trustee's deeds to the Secretary of Housing, immediately after the sale. Then they let HUD do all the dirty work. But I learned today of a house which had been held by a lender for a year. When I called and inquired about it, the rep told me: "It took us 7 months to get the mortgagors out, and now we're getting it cleaned up for FHA." So it sounds like there may be a some incentive on the part of FHA, to receive houses in ready-to-sell condition. (Or perhaps some kind of penalty, when they have to be the heavies, and evict people...)
Follow Ups:
Post a Followup:
|
Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.
Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com
InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455