my fha mortgage is not insured - what do i do?

my fha mortgage is not insured - what do i do? Topic: my fha mortgage is not insured - what do i do?
July 18, 2019 / By Seona
Question: We went to re-fi our FHA mortgage because the rates are lowered. Turns out our FHA mortgage was not insured by the company who did our mortgage paperwork. The company admitted it was their fault for not filing the paperwork correctly. We are not able to get a re-fi unless we can show we have insurance. The company that did our mortgage keeps telling us that they will file the papers - it's been 6 months and nothing. Should I call a lawyer or pursue legal action? Should I keep calling the mortgage company that originally filed our paper work who keeps blowing us off? (BTW - they are jerks - big time - I've talked to their president a few times and he is a sarchastic #@(*&#)@# - excuse my french) but my wife and I are just extremely frustrated. We don't know where to turn. there seems to be a misunderstanding. my mortgage company who did the FHA loan did not insure the loan thru FHA - they didn't file the paperwork. I have homeowners, life, disability, medical, dental - etc. what i don't have is an insured FHA mortgage. Because it is not insured - if we foreclose on our house - the gov't doesn't pay out the mortgage company. this makes us a liability if we go to refi. wow doesn't anyone out there have an FHA insured mortgage? I don't need any other type of insurance. basically i was effed by my bank and now i can refinance because our mortgage is FHA and our company did not insure the loan via FHA. Please do not talk to me about other insurances - i have them all. I NEED SOMEONE WHO KNOWS ABOUT FHA LOANS PLEASE!!! how do i put this polietly - i don't need homeowners insurance - i need someone who knows about FHA mortagages specifically!!! Our lender did not file the paper work with the government for our FHA loan. It is not insured thru FHA. I have homeowners. I have life. I have car. I have disability. I have every insurance that I need except our loan has not been insured thru FHA. If we foreclose on our house - the lender will not get paid by the govt. This is the problem. Please - i do not need term life or any other insurance.
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Best Answers: my fha mortgage is not insured - what do i do?

Olive Olive | 6 days ago
Are you talking about Mortgage Life/disability/critical illness insurance, don't bother getting it through a bank or lender. You are far better off getting term insurance from a lisensed insurance broker. Here is a link explaining the differences: http://www.asset-aid.com/bank_vs.shtml Here is also a link to a 30 minute TV special that talks about how mortgage insurance through banks doesn't always pay out and it also recommends individual term insurance: http://www.cbc.ca/marketplace/in_denial/ you can also google search something like "Term insurance vs. Mortgage insurance" or "Term vs. creditor insurance". I have personally NEVER found a single resource that promotes mortgage insurance over term insurance. as far as whether you should go with someone else or not, that is totally up to you. My personal opinion is that if I'm not happy with dealing with a company and they don't seem to appreciate your business, go somewhere else. The great thing about a capitalistic society we live in now is there there are TONS of options so if you aren't happy with one, you can check out another.
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Olive Originally Answered: How do I find a good mortgage broker for an investment mortgage in my area? (Mobile, Al) 55k needed plus 10k?
First of all your credit is a national credit report not just for the city you are located in. I don't understand how you are attempting to purchase the property for flipping. Why do you need a mortgage? How long will it take you to flip the property? Your credit score will determine what interest rate you will get,not the mortgage broker. The mortgage broker will give you the best score possible based on your credit score, he does not get paid for filling out applications and running credit scores, especially when heunderstand that there is another mortgage broker about a block away. So find you a mortgage broker, fill out an application so he can run a credit check and get your credit scores and get you the best mortgage based on your credit score. You will need to have available for him #1 Two (2) yrs federal income tx and w-2. #2 One month of pay stubs #3 Six months of bank statements from each bank you conduct business with. Also any 401 k plans you might have at your job. Take care of your business and stop sitting on the log. I hope this has been of some use to you, good luck. "FIGHT ON"
Olive Originally Answered: How do I find a good mortgage broker for an investment mortgage in my area? (Mobile, Al) 55k needed plus 10k?
Quote ....'Im trying to buy a house to flip to make the downpayment on another house I'd later like to buy." - I have to ask, is there a reason other than the downpayment why you need to buy the first house? If you have excellent credit and a downpayment why not just buy the house you really want. There's a lot of programs now for 100% financing and investment properties. I am a broker with 1st Metropolitan Mortgage (www.1stmetropolitan.com) and we are not tied to just ONE lender - we have over 200 to choose from and can work in all states with the exeption of NV and HI. Let me know if I can be of help. I am currently in TN and AL is no problem. All advice is free :)

Madlyn Madlyn
You can still refinance into a new conventional loan, providing you qualify. If your FICO scores are such that you need to stay with FHA, I would call the company that is servicing your loan and also call the regional HUD office. Your lender needs to have an MIC (mortgage insurance certificate) in order for you to do a Streamline Refi.
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Keren Keren
OK, YOU are the one always responsible to get homeowners insurance. Your mortgage company, CANNOT buy YOU a policy for coverage. They can only buy THEM a policy, and charge you for it, but YOU would be uninsured, and YOU will not be able to refinance. Whoever you're talking to, there must be some MAJOR miscommunication going on, as THEY can't buy YOU coverage. You actually have no loss, until you have an uninsured claim. Go to your local agent, the guy that writes your car insurance, and have him write you a homeowners policy. Now. So if the house burns down tomorrow, you aren't totally screwed.
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Keren Originally Answered: Do I need a mortgage service company or a mortgage broker to write mortgages for owner financed deals?
Neither a mortgage broker or a mortgage service company would want or take any part of this private deal between two individuals concerning financing. A mortgage broker is in business to provide loan services between his clients and a mortgage lender. A mortgage service company is in business to collect monthly mortgage payments on behalf of mortgage lien holders that do not have the means of collecting these monthly payments themselves. It appears as if you might be having difficulty about a owner carried mortgage and a rent or lease to own agreement. If the owner is willing to act as the bank an finance the property you would draw a contract up to that effect listing the amount to be finance, the down payment, interest rate, the terms of the loan (Number of years the owner will finance the mortgage, this could be 5-10 years) Once these terms have been agreed to and signed by both the seller and buyer, you would take this document to a local escrow and title company. The escrow company would prepare Escrow Instructions based on the contract the both of you have signed. Both of you would be required to sign these escrow instructions. These two companies would make sure your purchase transaction is completed according to local, state and federal real estate laws. If there is additional information needed the escrow company or title company would request this Information or documents. Using this method to purchase the house your name would be on the title deed. You would be required to pay the semi-annual county taxes as well as the annual hazard (fire) insurance policy. You would be required to pay the monthly mortgage payment principal and interest to the seller. If you fail to pay the monthly mortgage payment as agreed the current seller would be required to follow the foreclosure procedures of the state in which the property is located. In my opinion this is the best method of purchase of the two offered. A rent or lease to own financial situation would leave the title to the property in the name of the seller, until you pay the complete price of the house, after which the title to the property would be transferred to your name. Failure on your part to pay the monthly payment as required could place you in the position of simply being a renter and essentially voiding the contract. This type method of financing normally favor the seller more so than the buyer. I hope this has been of some benefit to you, good luck. "FIGHT ON"

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