Posted by River City on November 01, 2005 at 10:14:02:
Is this a “special” USDA loan, or a “straight” USDA loan? Are you the borrower on the original loan or are you trying to purchase the loan? Do you have access to a copy of the Note and security instrument and any “special” loan disclosures? Your answers would probably be found in either or all of these documents.
USDA Loan Subject to …HELP!!! - Posted by Chris
Posted by Chris on October 31, 2005 at 10:46:37:
I am tring to take a USDA loan sub 2. I am being told that to get a payoff I have to provide an appraisel, settlement statement etc…basically it sounds like the USDA doesnt want the seller making money on the property because they helped them make payments or something like that…I will get about $40k in equity in this deal and i was prepared to just pay cash if the sub 2 was difficult but it seems that even if I pay the loan balance I am assured of nothing. the lien is still there. Has anyone heard of this…how can I understand the details? Please help