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Andrade Menefee
4 months ago
I have an FHA loan with Bank of America and went through the HARP program 3 times due to the bank requiring more documents to be signed etc... Each time they lowered the payment. At the end of the year they requested I make up those payments or they would foreclose. My understanding was that those payments were supposed to be put at the end of the loan. They now state; "This is the end of your loan." Is that legal?

Andrade Menefee (916)821-8945 [email protected]
 
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Best Expert Answer
Joe Wallace... Answered 323 more questions
4 months ago
Legal advice should be given only by a lawyer with experience in the law in this area, and unfortunately, it's not possible to speculate on your specific circumstances without access to the contract you signed-the wording of your agreement with the lender is key in determining how that agreement lines up with state/federal law, the rules of the HARP program, etc. Have you re-examined your HARP agreement to see what is spelled out in writing? Have you spoken to a lawyer about your concerns?
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Andrade Menefee
4 months ago
Thank you for responding; it really is disappointing that an banking institution can operate illegally against a consumer and the consumer still has to spend money to fight against their illegal actions; as the common consumer does not have funds to do so. I think I will file a complaint with consumer affairs or another government entity.
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A Curious User
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I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
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Brian G
19 days ago
I owner occupy a Duplex that I purchased using my VA Loan. I'd like to now use an FHA Loan to buy a Triplex. Based on what I am charging my tenant I am extremely confident that I will be able to get that same amount as rent from another tenant when I move out of that unit. Problem is a "well meaning friend" has told me that I can't count the potential rental income of that unit unless I purchase a triplex that's at least 100 miles away!

I can see if i already had an FHA Loan and I was trying to get another FHA loan on top of that where this restriction would come in, but I don't have an FHA Loan?

Can anyone verify this, perhaps with a link?
I owner occupy a Duplex that I purchased using my VA Loan. I'd like to now use an FHA Loan to buy a Triplex. Based on what I am charging my tenant I am extremely confident that I will be able to get that same amount as rent from another tenant... (more)
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