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Can our house ever be foreclosed wth an FHA Loan?

If we buy the house with fha, are we guaranteed no foreclosure? Does the governemt insure our house? How does FHA work? by MaxHiggins from Dallas, Texas. May 16th 2011 Reply


Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

FHA is insuring your loan. Your lender can foreclose anytime for lack of payments.

May 17th 2011
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Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions

FHA is not the lender, as who you pay your loan to. FHA is a guarantee mortgages made by a lender. You pay the upfront and monthly mortgage insurance, which funds the insurance account. You are no more protected from foreclosure than any other type of loan. FHA was created to help Americans become homeowners and help the lenders avoid losses, so they can then re lend their money to others.

May 16th 2011
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Jay Rosen (JayRosen)
#449 ranked lender in California - 3 contributions

Yes, you can still be foreclosed on.

May 16th 2011
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Brian Blonder (bblonder)
#32 ranked lender in Maryland - 3 contributions

There are no such loans with guaranteed no foreclosure. Yes, HUD is the federal agency which insures these loan through FHA. Please contact me directly for further information on FHA loans. Brian Blonder EagleBank (240) 406-1146 or bblonder@eaglebankcorp.com.

May 16th 2011
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Rick Gause (rgause)
#460 ranked lender in California - 6 contributions

It's possible to even have a FHA Reverse Mortgage and be foreclosed upon. If you do not maintain the taxes and homeowners insurance you could run the risk of foreclosure. However you could not be foreclosed upon because of non payment, since there is no payments on a Reverse Mortgage.

May 16th 2011
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Richard Shapiro (RShapiro)
#12 ranked lender in Massachusetts - 71 contributions

FHA insures you house but the insurance covers the lender if you default.

May 17th 2011
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