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What happens if I default on an FHA mortgage?

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niceprice Joined: 23 Feb 2011 Posts: 1 1.36 Dollars($)	Posted: Wed Feb 23, 2011 9:55 am    Post subject: What happens if I default on an FHA mortgage? Like 0 Dislike 0 I am new to the United States. Since my credit lines have not been open long enough, the only option open to me is an FHA mortgage. I know very little about mortgages and even less about the FHA. Someone I know told me that if you default on an FHA mortgage, the bank can repossess your house but you still owe the balance of the loan. She was basically telling me that an FHA mortgage cannot be foreclosed in the same way as a conventional loan. Is this true? Can anyone point me to a decent source listing the pros and cons of an FHA loan? Any help you can give is appreciated! Thank you in advance.
brian1 Community Expert Joined: 14 Jun 2008 Posts: 448 Location: Northern California 15.61 Dollars($)	Posted: Wed Feb 23, 2011 1:59 pm    Post subject: Like 0 Dislike 0 The foreclosure process is the same - the laws vary by state so it is hard to say here what would happen - it is a govt backed loan here is a link to the Hud website that may help feel free to continue to ask questions as you come upon them Brian http://www.hud.gov/buying/loans.cfm _________________ Licensed Broker 50 states http://www.aimwithfocus.com Live Chat available Need quick advise email or PM Glad to help Pre-approvals www.applyonlinesecure.com

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