FHA assumable - Posted by Kerry

Real Estate Investing Real Estate Financing
1

Posted by Harry on July 05, 2001 at 18:56:36:

A contract for deed, or land contract could work. FHA does not own the loan. FHA is a guarantor of the loan. Find out who holds or services the loan. Contact them for two reasons. (1) to see if there has been a Notice of Default filed and (2) to see if the lender will consider you bringing the loan current and subsituting you on the loan. You must be credit worthy to try #2, but you can do #1 and save the person’s credit by doing the contract. I believe there are articals on this site that will give you the several steps that need to be taken to insure that the deal is a smooth one.

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FHA assumable - Posted by Kerry

Posted by Kerry on July 05, 2001 at 17:27:49:

I have a property that looks pretty good on paper. VERY motivated- indebted- seller. Seller has FHA assumable loan but says it cannot be assumed by an investor it must be by someone wanting to move into the home. How is this circumvented? The seller really needs to sell and I think I could really help him out. He is also 3 months behind on the payments and has abandoned the property. Who would I contact as the FHA loan holder.
Thanks,
(new at this)
Kerry