Sunday, August 10, 2008

FHA 4155.1

All FHA mortgage documents may be up to 120 days old at the time the FHA loan in Florida closes (180 days for new construction) unless this or other applicable HUD manual for FHA instructions specify a different timeframe, or the nature of the document is such that its validity for underwriting purposes is not affected by being older than the number of prescribed days (e.g., divorce decrees, tax returns). Please refer to the FHA handbook for more detailed FHA guidleines from the 4155.1

Updated, written verifications must be obtained when the age of the documents exceed these limits. Verification forms or documents used as an alternate to these verifications must pass directly between the FHA lender and the provider without being handled or transmitted by any third party or using any third party’s equipment. No document used in the processing or underwriting of a loan may be handled or transmitted by or through an interested third party to the transaction. This is important for the FHA mortgage lender to understand the 4155.1

You may review the FHA manual as a pdf with the 4155.1

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Sunday, August 03, 2008

Debt Colectors Love Foreclosure Deficiency Judgments

The debt collectors have been purchasing deficiency judgments and the right to pursue them from foreclosure actions in judicial foreclosure states. Florida deficiecny judgments are particularly tasty to the debt collectors who purchse default judgments. The judgments in florida are then used to collect money that goes in the debt collector's pockets.

The debt collectors don't like non-recourse loans as they will not obtain deficiecny judgments on those loan types. Try to avoid the debt collector and the dficiecny judgments whenever possible and the best way to do this is to make your Florida mortgage loan payments on time every time. This may not always be possibel and the result may be a foreclosure and a deficiency judgment.

I am trying to let people know that florida mortgage loans are subject to judicial foreclosure with deficiency judgments so avoid foreclosure in florida like the plague.

May you avaoid the florida deficiecny judgment and please leave a comment and let mw know if this foreclosure, judgment, and deficiency judgment article was helpful in any way. Thanks! And if you are a debt collector then please DO NOT leave a comment as I will NOT post your debt collection propogranda on this site!

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