In 1998 I bought my first condo… My mom was tha co-signer. With about six thousand I got my condo. My previous band was oldkent mortgage located in Cincinatti. In 2000 they merged to 5th3rd bank. Two years ago I refinance and paid of the loan. FHA-or HUD send me a bill for Sixthousand that I owed them. I called 5th3rd bank and they send a letter that the account was paid off. I recently sold my condo and now the HUD is asking again for the money. Now they want to see a cancelled check. The problem is that the bank can not locate any payment that was made. They are sending me and my mother to collections. Do anyone have sugestions? Why do I have to pay FHA or HUD?
How does this HUD payback work?
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Where would I find informatio on FHA mortgages and if there is anything new to offer single parents?
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Look at your first contract.. You used HUD to get the home. HUD requires you to keep your loan for a certain PERIOD OF TIME to INSURE the investment tax payers (ME) made into your loan.. The requirement is to keep you from using them to profit off the sale or re-fi. You made proffit from the sale. You can’t do that. HUD BACKED YOUR "LOW INCOME" LOAN TO PROVIDE YOU AND YOUR CHILD/CHILDREN A HOME. NOT A FLIP FOR PROFIT. Pay the $6000.00 back.