Question I won the bid on a hud home with insured escrow of 2000.00
PCR read 1000.00 for elec. and 1000.00 for plum. Was advised by Trustee that the loan should be 203b loan when contract was sent by HUD The apprasal read not FHA insurable more than 5000.00 needed for repairs. The prop MGR would not allow elec or generator
so that no testing could be done could not test water could not test septic. Bank turned down loan on this house as it did not meet MPS and was not elidgible for fha loan(more than 5000.00 needed for repairs). we responded to the trustee and canceled contract because of the house not qualifying for the 203b loan. hud is not returning deposit money they are saying it does qualify for FHAB loan per PCR. do you think i need to get an attorney involved.
Answer Under these circumstances I would advise getting an attorney. Just make sure that this is a real estate attorney and one with knowledge and experience with HUD. Make sure he/she has all the information on the loan being turned down and why.
HUD property managers can be a bit stubborn but an attorney can usually shake them loose.
I can answer most foreclosure related questions. Buying, selling, the process of foreclosure, Loss Mitigation, Short Sales, etc. Both for HUD and VA homes as well as conventional foreclosures.
I work 100% in the Foreclosure arena, dividing my time equally between consumers going through foreclosure, people interested in buying foreclosures (investors and those looking for a home of their own for lesser cost), and with the lenders doing foreclosures. This unique three prong approach allows me to see all three sides of the typical foreclosure scenario. Our goal is to offer advice and create a win-win-win situation.
19 years of bank owned housing experience.
Publications Money Magazine, Real Estate Today, Consumer Digest and many newpapers, regional and national.
Education/Credentials Foreclosure Specialist
Past/Present Clients GMAC Mortgage, Horizon Management, and 43 other lenders involved in the foreclosure process.