If you have found a home in foreclosure and it's FHA, does this present anytype of problem? If so, what can be done about it, any experience would be helpful. Drop me a line at: c h r i s @ t p s g o n l i n e . c o m Thanks
It can be a big benifit. Our only home we bought at auction this year was VA (similar to FHA because they both have Private mortgage insurance to cover the top 20% of the loan) Ours was a 125K house that was on the market for the outstanding balance of 118K. At auction, the lender decided to file a claim with the PMI company for the top 20% of the loan, and we bought it at auction for 95K.
Call the Turstee the day before and see what the starting bid is.
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It can be a big benifit. Our only home we bought at auction this year was VA (similar to FHA because they both have Private mortgage insurance to cover the top 20% of the loan) Ours was a 125K house that was on the market for the outstanding balance of 118K. At auction, the lender decided to file a claim with the PMI company for the top 20% of the loan, and we bought it at auction for 95K.
Call the Turstee the day before and see what the starting bid is.