| Subject | Date Asked | Expert |
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| wiping off the muck | 10/14/2008 | Jim Root |
Q: I am looking to purchase my first home. I am single and only rake in around $25k/yr. I found a home ...
A: Hey CHRIS-- The purchase of a HUD-owned Home is ALWAYS complicated, confusing and sometimes more ...
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| BEING THROWN OUT OF HOME | 10/12/2008 | Steele V. Propp |
Q: Me and my foster daughter and our 7 dogs and 3 horses are being asked to literally get out of our ...
A: Unfortunately I can not directly help as you are not in my immediate geographical area. However, ...
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| cleaning foreclosed homes | 10/6/2008 | Steele V. Propp |
Q: Can anyone tell me what the going rate is in Indiana to bid on cleaning foreclosed homes. Is there a ...
A: There is no "going rate". Each house is done on an individual basic. Many companies have an ...
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| HUD\80-20 Rules | 10/4/2008 | Jim Root |
Q: Perhaps I am seeking answers from the wrong area but I must start somewhere. I am an officer of a ...
A: "The 80/20 Rule" you ask about has to do with the general rules for an "Over 55 Communities"' ...
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| Renting out a owner-occupied 2 family house | 10/4/2008 | Jim Root |
Q: I saw some similar answers that you provided. I have a mortgage on an owner-occupied, 2 family ...
A: Hey SEAN-- The fact that you've lived in the Home since 2004 certainly shows your ORIGINAL intent ...
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| Cleaning Foreclosed houses | 9/27/2008 | Steele V. Propp |
Q: I was curious as to how people get into cleaning foreclosed houses and who pays you to do so? My ...
A: There are two basic ways to get into this. And both are going to require some time and effort on ...
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| Waiting for home to be listed | 9/27/2008 | Jonathan P. Magill |
Q: After 1 year of looking at homes I found my dream home. My realtor showed me the property (it wasn't ...
A: I am in California and you are in Michigan but FHA is Federal so the laws are pretty similar. You ...
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| FHA loans after short sale | 9/20/2008 | Jonathan P. Magill |
Q: I wanted to inquire about this issue since one real estate agent told me that i can still qualify ...
A: Unfortunately your Real Estate Agent does not know loans and should not be giving loan advice. A ...
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| Turning an FHA home into apartments | 9/16/2008 | Jim Root |
Q: We just refinanced through FHA in June. Then, I lost my $70,000 year job. I had been doing many ...
A: FHA-Insured Loans are limited to Owner/Occupants AND include Single Family Homes only.FHA includes ...
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| renting my house that has an FHA mortgage | 9/16/2008 | Jim Root |
Q: I read your response to a similar question, but I just wanted to get an answer to my specific case. ...
A: Hey ELLIOT-- The response I gave to a similar question certainly does apply to your specific case ...
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| Turning an FHA home into apartments | 9/15/2008 | Jim Root |
Q: We just refinanced through FHA in June. Then, I lost my $70,000 year job. I had been doing many ...
A: Sorry about the loss of your job! Your plans to renovate your Single Family home MAY include turning ...
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| PAYING BACK TAXES | 8/27/2008 | Jim Root |
Q: MY HUSBAND AND I ARE FIRST TIME HOME BUYER AND WE WILL FIND OUT TODAY IF I WON THE BID ON A HUD ...
A: The Realtor and two Govvies told you the truth; HUD is responsible for all taxes up to the date of ...
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| Can I rent my FHA trailer home | 8/27/2008 | Jim Root |
Q: I am moving to another state and I would like to rent my FHA trailer. I have lived there for 8 ...
A: Hey Shelley-- Welcome back! With RENT-O-OWN of Real Estate there are several ways to put a ...
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| Can I rent my FHA trailer home | 8/26/2008 | Jim Root |
Q: I am moving to another state and I would like to rent my FHA trailer. I have lived there for 8 ...
A: Shelley-- FHA loans are granted ONLY to "Owner/Occupant" Buyers--that is to people who intend to ...
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| rate for cleaning foreclosed homes | 8/23/2008 | Steele V. Propp |
Q: I just started cleaning foreclosed homes and I wanted to know what the going rate is for this and ...
A: The amount is typically dictated by the asset management company/bank owner. What I have seen is ...
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| REO and HUD Investing | 8/22/2008 | Steele V. Propp |
Q: I'm a 30 yr old female, living in NYC who is interested in investing in REO or HUD properties. I am ...
A: In starting out I really don't recommend that you go outside your area. Otherwise you are totally ...
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| Renting My FHA HOME | 8/21/2008 | Jim Root |
Q: I have a FHA Mortgage home financed in Aug 2004 in state of Ohio. I am looking to buy another home ...
A: FHA-Insured Mortgages are granted to "Owner/Occupants Only," but the "Key Word" here is GRANTED! to ...
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| FHA want it fixed but HUD says NO!! | 8/19/2008 | Jim Root |
Q: I have just recently purchased (GOT THE FINAL CONTRACT) a Manufactured Home through HUD and am going ...
A: DEREK-- Apparently you and your Realtor are not communicating well! Either he/she is a poor ...
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| equitable right of redemption | 8/17/2008 | Steele V. Propp |
Q: i heard that NY State law changed to allow the redemption period to extend beyond the date of the ...
A: First of all, I am not an attorney and second, I am not from the East Coast, so after some basic ...
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| Overbid with repair escrow | 8/15/2008 | Jim Root |
Q: Ok Jim, I've got a good one. I bid 148,000 on a property that was 141,000 on the FHA as-is ...
A: MICHELLE! Sorry for the delay in my response--had a medical emergency to handle. All's OK now, so ...
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| Gas leak... can't get loan cuz' utilities need to be ON. | 8/14/2008 | Jim Root |
Q: I'm in the process of trying to buy a HUD home. There's a gas leak. I need to have all the ...
A: DON-- If your Agent has truly done all she can do, it looks like it's time for YOU, the ...
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| Gas leak... can't get loan cuz' utilities need to be ON. | 8/8/2008 | Jim Root |
Q: I'm in the process of trying to buy a HUD home. There's a gas leak. I need to have all the ...
A: DON-- Although HUD HOMES are sold "As Is," HUD will see to it that remedial action is taken when the ...
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| Hud | 8/2/2008 | Jim Root |
Q: If i won a bid on a hud home as owner occupied but paid in cash do i still have to go buy the ...
A: JOE WALL-- Owner/Occupancy status is required of a Borrower of an FHA-insured loan for the purchase ...
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| RENTING OUT FHA PROPERTY | 8/2/2008 | Jim Root |
Q: IS THERE ANY LAW OR REGULATIONS STATING YOU CAN NOT RENT OUT A FHA LOAN HOUSE OTHER THAN THE ...
A: BARRY-- FHA Mortgage Insurance is ONLY available on Mortgage Loans made by HUD-Approved Lenders and ...
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| HUD Purchased Townhome and HOA Amendments | 7/31/2008 | Jim Root |
Q: I purchased a townhome in SC for my retiring mother a few months ago. I purchased it via HUD and won ...
A: Yours is just another HORROR STORY from the thousands of HUD Homes purchases made across the Nation ...
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| 1st time home buyer | 7/29/2008 | Jim Root |
Q: So Ive been preapproved for an FHA 203K, and Ameridream (not sure what that is) But ive made plenty ...
A: WESTON-- If the home's really in great condition and you can buy it for s-o-o-o much less than ...
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| 1st time home buyer | 7/28/2008 | Jim Root |
Q: So Ive been preapproved for an FHA 203K, and Ameridream (not sure what that is) But ive made plenty ...
A: WESTON-- I'm ASSUMING that the HUD HOME you're interested in is in VERY BAD condition--this ...
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| cleaning foreclosed homes | 7/27/2008 | Jim Root |
Q: I JUST RETIRED FROM THE ARMY AND WANT TO GET INTO CLEANING FORECLOSED HOMES.I HEAR THERE IS GOOD ...
A: RICKEY-- Thanks for your service to our Nation! And Best of luck" with your next career! As for ...
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| Purchase a home | 7/23/2008 | Steele V. Propp |
Q: I'm currently looking to buy a home in Stephens county ga. I've seen on TV the tax lien sales and ...
A: Chris, When I teach my consumer classes on buying foreclosures this is a regular question. I tease ...
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| Purchase a home | 7/23/2008 | Jim Root |
Q: I'm currently looking to buy a home in Stephens county ga. I've seen on TV the tax lien sales and ...
A: CHRIS-- Procedures differ from County to County, State to State--I'm not familiar with the Stephens ...
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| Title Holder and FHA Owner Occupancy? | 7/21/2008 | Jim Root |
Q: My in-laws are buying a home with a 203(b) FHA loan. My husband and I will NOT be on the loan, but ...
A: FHA-Insured Loans for the purchase of Single Family Residences (One-to-Four Unit Dwellings)are ...
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| 2 FHA loan - short sale | 7/16/2008 | Steele V. Propp |
Q: i am a realtor. Here is my client's situation. he has 2 fha loans under his name only. Divorce ...
A: To be honest I am not sure that this is true. Can't say I have seen any situations where someone ...
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| Foreclosures - good deals now? | 7/14/2008 | Steele V. Propp |
Q: I am a fellow expert (Home Improvement, Water Quality, New Mexico). I am thinking about the ...
A: Having worked with lots of attorneys you will find that I have picked up their favorite phrase. "It ...
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| hud homes | 7/12/2008 | Jim Root |
Q: Can you do FHA financing again on a home that was foreclosed on that had a FHA Loan?
A: LARRY-- You sure can! FHA Financing is is possible for the purchase or refi of any Single Family, ...
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| Winning HUD bid | 7/12/2008 | Steele V. Propp |
Q: I just recently bid on a HUD home and I am the winning bidder, I was told by my real estate agent ...
A: Christopher, In 19 years of dealing with bank owned housing and plenty of HUD I have never known of ...
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| Hud repair of homes | 7/8/2008 | Jim Root |
Q: I am a general contractor in NC and am interested in finding out how I might bid on the repair ...
A: STEVE-- Homes acquired by HUD as a result of foreclosures on delinquent FHA-insured loans are ...
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| HUD CLOSING COST | 7/8/2008 | Jim Root |
Q: My realtor said that she put in a bid for a HUD home, for 151K and that she would ask for them to ...
A: SHERRA-- Bids on HUD Homes are placed on pre-printed HUD Bid Forms and MUST be completed per HUD's ...
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| Where to begin? | 6/21/2008 | Jonathan P. Magill |
Q: My income is in the low $50,000, FICO score at 710-750. I have never bought a home. I'm interested ...
A: Based on your income, if it has been stable for the past 2 years and your credit in OK, 580 FICO or ...
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| foreclosure | 6/21/2008 | Steele V. Propp |
Q: My lender said if i dont have my payments current by june 30th they are going to start the ...
A: You need to contact one of the many Florida state and local agencies that are assisting people in ...
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| Where to begin? | 6/20/2008 | Jonathan P. Magill |
Q: My income is in the low $50,000, FICO score at 710-750. I have never bought a home. I'm interested ...
A: The first thing to do is get pre-qualified by a fully delegated FHA/HUD lender - NOT A LOAN BROKER. ...
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