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FHA loans

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ginadamicog Joined: 24 Feb 2010 Posts: 1 1.28 Dollars($)	Posted: Wed Feb 24, 2010 1:56 pm    Post subject: FHA loans Like 0 Dislike 0 Hi, i have a FHA loan for my second property and the current property value of this house is lower than the original loan amnt. IF i let go of the loan or stop paying, what are the consequences for me? will the government go after me for the loan? will they go after my first home?
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Wed Feb 24, 2010 8:46 pm    Post subject: Like 0 Dislike 0 Welcome ginadamicog, If you stop paying the loan, the lender will have the rights to foreclose the property. After the foreclosure sale, the lender has the rights to sue you for the deficient balance resulting from the sale. If you are unable to pay the deficient balance, then he would place a lien on your first home. It's better to apply for a deed in lieu of foreclosure with your lender and check out whether or not he would accept it. If the lender accepts this, then you won't be liable for the balance amount resulting from the sale of the property. _________________ Procrastination is the enemy of your financial success

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