Re: Interesting tidbit about “due on sale” & FHA loans - Posted by JohnB_NJ
Posted by JohnB_NJ on May 25, 2000 at 22:00:37:
Interesting piece of information. No, I have never yet to date had an FHA insured loan called due. I had fleet Mortgage inquire about a Land trust and they requested the docs but I never complied and have not heard another peep out of them. That was a VA insured loan.
I recently sold one of my FHA insured “subject to” deals and I got a nice little surprise in the mail last week. A check for $785.22 from the US Treasury of the “unearned FHA insurance premium”.
The check was made out to the my seller but I had a power of attorney that allowed me to deposit any checks related to the property (ie: mortgage escrow checks, insurance proceeds and any other proceeds relating to the property).
But as to the original post; nope, never had an FHA loan called due yet.