FHA Plus PMI -Double Insurance? SS Affects?
We have a SS that I just found out is an FHA loan with PMI. Is that not like double insurance? Can someone explain why an FHA loan would require PMI? Who will likely make the SS decision, the PMI investor or the FHA guidelines? Is this worth even pursuing. I love shorting FHA loans but PMI has been killing my shorts lately. Any insight would be greatly appreciated.
"Can I get paid in the hud for Short Sales service?"
Nope, unless you have a prior agreement with the mortgagee. Generally, the real estate commission is cut, too.
realtor can make a commision right. I am licensed, so i could just have it as my listing fee right?
So to get this right everyone in shortsales plan on flipping the house?
If thats the case seems like you have to have a lot of capitol and would want to have it be 70% or less FMV right?[ Edited by loandudefromsac on Date 05/09/2007 ]
In my opinion, and approach to real estate... I recommend the pursuit of a discounted purchase, and then making repairs (major or minor) and transform an undermarketable dwelling into affordable, decent housing for resale, or rental income.
Historically, real estate has been an illilquid investment. Sometime around the birth of the infomercial its gone from investment into spot speculation.
Q: Can I short this property without the Original Borrower? Will the lender even allow this?
Probably not, but it depends on the lender. Be up front with them or this could blow up in your face later on.