Foreclosing on those who are widows or widowers sounds pretty cruel, but it happened when HUD foreclosed on surviving spouses. The case was made due to the fact that there were rules that were established long ago regarding foreclosing on those who had lost their spouses. Isn’t the idea to keep them in their home and not kicking them out of it?
The choice of defense is AARP’s department of litigation, and in this case the HUD secretary is the defendant. The central issue of the case is in fact that there are long standing rules that state that it is illegal to foreclose on surviving spouses. The deeper issue is that those who would typically have an interest in the property can’t even make a dent in buying the home because the values are so skewed.
With homes losing value, and sales slowing down, it doesn’t leave anyone in a good position. This situation is really hard to overcome, but not all foreclosure cases are created equal. There are still many cases in which no one wants to take on the property regardless simply because it is more of a chore than a benefit.
Hopefully, these individuals will be able to stay in their homes as a result of the final ruling, but there is no way to know for sure. With so many homes underwater, it could justify these individuals keeping their homes simply because reverse mortgages were designed specifically for those age 62 and over, and this situation doesn’t add up to what the program really is all about. No wonder so many are confused about what is happening.
-Mayer Dallal
Showing posts with label hud. Show all posts
Showing posts with label hud. Show all posts
Monday, March 14, 2011
Monday, June 21, 2010
My Thoughts on FHA's EEM Program
FHA’s EEM is a great program, and I don’t have a lot of folks that do it, but it’s great if you want to save on your utilities. The FHA EEM program is basically allowing you to finance energy efficient home improvements into your home loan.
Essentially, you can finance the cost of those energy efficient improvements without having to further qualify. FHA justifies the higher payment because you are saving money on your utilities. You can still get your loan into a 15 or 30 year fixed without a hitch. Just keep in mind that the same rules for getting approved will still apply to you. So, you will still need decent credit and good job history along with the proper documentation. You will still need the 3.5 % down as well if you are buying a new home.
The total amount of your loan is the home value in addition to the projected cost of the energy efficient improvements. According to FHA’s EEM program guidelines, your mortgage can exceed the maximum limit FHA allows, just by the amount of the energy efficient improvements. This is not so bad, but let’s you know that FHA still plans to keep an eye on what they are lending on because they are insuring this loan.
For more information on how FHA’s EEM program works, you can visit, www.fhaloansnow.net.
-Mayer Dallal
Essentially, you can finance the cost of those energy efficient improvements without having to further qualify. FHA justifies the higher payment because you are saving money on your utilities. You can still get your loan into a 15 or 30 year fixed without a hitch. Just keep in mind that the same rules for getting approved will still apply to you. So, you will still need decent credit and good job history along with the proper documentation. You will still need the 3.5 % down as well if you are buying a new home.
The total amount of your loan is the home value in addition to the projected cost of the energy efficient improvements. According to FHA’s EEM program guidelines, your mortgage can exceed the maximum limit FHA allows, just by the amount of the energy efficient improvements. This is not so bad, but let’s you know that FHA still plans to keep an eye on what they are lending on because they are insuring this loan.
For more information on how FHA’s EEM program works, you can visit, www.fhaloansnow.net.
-Mayer Dallal
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