Posted on: 16th May, 2011 05:36 pm
I recently closed on a FHA home loan. My plan is to do a short sale on a different property. I mentioned this to my loan agent and she said " FHA is watching you, they can rescind on your home loan if you do a short sale on the other property"
To me this doesn't sound right. Can they?
To me this doesn't sound right. Can they?
Hi Rherman!
Welcome to forums!
Your loan application can be rejected if your other property is short sold now. After a short sale, you need to wait for 2-3 years in order to qualify for another mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your loan application can be rejected if your other property is short sold now. After a short sale, you need to wait for 2-3 years in order to qualify for another mortgage.
Feel free to ask if you've further queries.
Sussane
For FHA to rescind is a pretty far-fetched thought. Might they decide to call your loan due and payable in full? Perhaps - that's a far more likely thought, but even still not something I'd suggest they're likely to do.
Rejecting your loan? After it's closed? That would be unprecedented, I'm certain.
Your "loan agent" may have some expertise that caused the answer to your question, but "FHA is watching you" sounds more like an off-the-cuff remark rather than something he or she gleaned from years of experience.
You might want to run this query by a lawyer who's schooled in real estate law. I think you've already received enough questionable "advice" and that you need to begin looking for people with experience and expertise to provide you with answers.
Rejecting your loan? After it's closed? That would be unprecedented, I'm certain.
Your "loan agent" may have some expertise that caused the answer to your question, but "FHA is watching you" sounds more like an off-the-cuff remark rather than something he or she gleaned from years of experience.
You might want to run this query by a lawyer who's schooled in real estate law. I think you've already received enough questionable "advice" and that you need to begin looking for people with experience and expertise to provide you with answers.
