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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: FHA Preparation? Posted by Jk on December 29, 2003 at 8:32 PM In Reply to: FHA Preparation? posted by SeanW on December 29, 2003 at 5:03 PM : 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...) What's the question??? BTW, banks do not have to turn over the property to FHA. They can buy it at foreclosure sale just like anyone else and resale it. The insurance is an option only if the property goes back to them (the banks) and they don't want the property. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : 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...) : What's the question??? BTW, banks do not have to turn over the property to FHA. They can buy it at foreclosure sale just like anyone else and resale it. The insurance is an option only if the property goes back to them (the banks) and they don't want the property. 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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