quit deed/forclosure/FHA

Rwh75226 · Joined: 22 Apr 2008 Posts: 1 2.08 Dollars($)

Hello,

My situation is quite unique. I have recently come across a property through a friend of the family which had unfortunately come on to some hard times and were on the verge of losing their home through foreclosure. It was about go to the bank when we were offered the opportunity to take over the home. With such short notice i was not able to acquire a loan in time. In order to save the property and somewhat hold on to it for us my parents acquired it through a quit deed and taking care of the past due payments. Now this being my first home i was able to obtain a FHA loan. Will this affect me as far as purchasing ability through an FHA loan, while my parents have some ownership in the property.

adonis · Posted: Tue Apr 22, 2008 9:21 pm Post subject:

Welcome Rwh,

It seems from your post that you have already been approved for an FHA loan. So why are you worried about the purchasing ability now? I mean didn't you inform the lender about your parents ownership on the property? you need to inform them about it.

gmakerley · Posted: Thu Apr 24, 2008 6:20 am Post subject:

it would seem, from what i have read, that your parents are now the sole owners of that property. you have been pre-approved for a mortgage for the purchase of that home.

fha is not particularly crazy about properties being flipped in brief periods of time. beware. you need to make your lender fully aware of this situation immediately. none of you need to spring any last-minute surprises on the lender.

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