FHA Home Mortgage Loan Interest Rates

One Response to “We are buying a forclosed home that we just found out is owned by indymac. Any ideas on what will happen?”

1. Lakerman says:

   June 25, 2009 at 7:38 pm

   Hi, chances are there is no problem! The FDIC will be taking over the portfolio of the bnk owned properties and if you are "under contract" the FDIC will honor the agreement. But, it will take some time for them to research all that they need to do. Priorty will be to demand deposits (checking and savings accounts) but they will get to it. Your FHA loan will take some time anyway, maybe longer than it takes for FDIC to get around to it! The ONLY thing I can reckon of is that the FDIC is in a fudiciary position, they have legal obligations to do what is best for public interest. If you contracted with the bank for a sale price for significantly less than the home is really worth, which is unlikely, the FDIC may transfer the property with others, in trust, for disposition at a higher price. While this is possible, again, it's highly unlikely, your FHA loan requires the property to be appraised and it will most likely come in at a value close to the contracted sale price. So don't lose sleep over this aspect!
   No, it doesn't matter who owns the property, FHA is the guarantor of the loan, not the lender or funding agency (unless you are obtaing special financing directly from FHA).
   If you have applied for your loan, continue with your loan. If you have a Realtor, make them earn the commission. They need to coordinate the deal as they would with ayone else. FDIC has a special division for receivership, banks shut down, and the agent that was listing the property might be out of the picture now, or the FDIC could just allow the agent to continue. As I said, it might take more time, but FDIC doesn't want to keep any property held in the bank portfolio, they, like the bank, want cash!
   It's been awhile since I was a Bank Examiner for FDIC, but you got the scoop! Don't worry! Excellent luck with your new home! B

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