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The good, the bad, and the ugly - discover what customers are saying about FHA

Welcome to our customer reviews and complaints page for FHA. We understand that making informed decisions about where to invest your time and money can be challenging, which is why we've created this platform for our community to share their honest feedback about their experiences with FHA.

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12:29 am EDT

FHA Reverse mortgage may be a scam

8/28/2015 Garden Grove, California

California House needs an investment from foreign bank/foreign people/ or any one.

Welcome Chinese/Japanese/Vietnamese Communist banks.

The market value of my house is $480, 000 mortgage balance $375, 000. I applied for reverse mortgage. However, the HECM Housing Counselor said the only dis-qualification on my reverse mortgage application is that it requires 50% equity. I believe, reverse mortgage may be a scam by FHA to help the US bank because the bank lose nothing (or always benefit). FHA will pay the high interest/cost in bad situation by US tax money; whereas the homeowners may lose their houses or equity. Why does such 50% equity requirement exist? Why the FHA allows a 3.5% down payment for first time home owner, but cannot help the same first time home owner who paid 25% value of the house for reverse mortgage?

I believe that reverse mortgage should be changed to an investment by both the bank/lender and the homeowner. However, the US bank (with the help of FHA on current reverse mortgage policy) does not want to lose such benefit for the new idea of the investment.

Therefore, I need an investment from foreign bank/foreign people/ or any one. Welcome Chinese/Japanese/Vietnamese Communist banks.

For example: Foreign bank/person invests $375, 000, the homeowner invest $105, 000 (equity $[protected]), no need for FHA or HUD.

My wife and I (both 63 yrs. old) will live in our house for the rest of our life, set an escrow withdraw money from my social benefit and pension to pay tax, maintenance, insurance ….. That means I pay all of the cost.

The house is sold only when we die or if I failed my duty on tax, maintenance, …. The house may be sold only with the agreement of all parties. The ultimate selling price (gain/lost) will be divided in proportion of the investment to the Foreign bank/person and my heirs.

The Foreign bank/person may have a lien on the house or other thing to secure their investment. No withdraw any cash on the house without agreement of all parties.

Percent increase in house prices at Garden Grove

www.bestplaces.net/zip-code/california/garden_grove/92840

REAL ESTATE: The median home cost in Garden Grove (zip 92840) is $398, 900. Home appreciation the last year has been 18.90 percent.

In fact, my house in Garden Grove price records
11/19/76 Sold $42, 000 Public Record
05/18/10 Sold $380, 000 Public Record
increase 905% after 34 years

For more discussion/more information about the house, please email [protected]@gmail.com.

or visit
http://www.tranlich.com/house_investment_needed/

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12:11 am EDT

FHA Reverse Mortgage may be a scam by FHA to help the US bank

Reverse Mortgage is a scam for FHA to unjust-enrich US banks by US tax money

"... FHA has already stripped billions from forward mortgage programs and $1.7 billion from the US Treasury just to keep the FHA insured reverse mortgage program afloat... "
http://reversemortgagedaily.com/2015/08/25/states-see-big-reverse-mortgage-volume-growth-in-first-half-of-2015/

I believe Reverse Mortgage is a scam for FHA to unjust-enrich US banks by US tax money. Reverse Mortgage is not successful as the First time home owner program.
The market value of my house is $480, 000-$500, 000 mortgage balance $375, 000. I applied for reverse mortgage. However, the HECM Housing Counselor said the only dis-qualification on my reverse mortgage application is that it requires 50% equity. I believe that Reverse Mortgage is really a scam for FHA to help the US bank because the bank lose nothing (or always benefit). FHA will pay the high interest/cost in bad situation by US tax money; whereas the homeowners may lose their houses or equity. Why does such 50% equity requirement exist? Why the FHA allows a 3.5% down payment for first time home owner, but cannot help the same first time home owner who paid 25% value of the house for reverse mortgage?

I believe that reverse mortgage should be changed to an investment by both the bank/lender and the homeowner. However, the US bank (with the help of FHA on current reverse mortgage policy) does not want to lose such benefit for the new idea of the investment.

For example: Foreign bank/person invests $375, 000, the homeowner invest $105, 000 (equity $[protected]), no need for FHA or HUD.
My wife and I (both 63 yrs. old) will live in our house for the rest of our life, set an escrow withdraw money from my social benefit and pension ... to pay attorney fee, tax, maintenance, insurance ….. That means I pay all of the cost.

For more information on how Reverse Mortgage scam works, such as why bank and homeowners want foreclosure badly, please visit

http://www.tranlich.com/house_investment_needed/

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2:13 pm EST
Verified customer This complaint was posted by a verified customer. Learn more

FHA cancellation of FHA case number [protected]

I am presently trying to close a loan but thier is a FHA case numberof [protected] that was requested for cancellation on 01/08/2013. As of today this case number is still active and I cannot close on another case number till this one is cancelled. It is supposed to be cancelled within 10 working days today makes 13 working days. Why has this not been cancelled. If someone could please with this cancellation It was requested to be cancelled thru STEARNs lending on 1/8/2013 for Diauti Gomez

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8:24 pm EST
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FHA denial of loan

The letter below is to Lance Smith out of the Arden Hills Branch. I also received a call from Bradley Kolstad, insisting that the underwriter was right and it was apparent that he and I were interpreting the IRS Topic 514 differently. I guess, Brad was doing the Code of Blue. The borrower is Raymond Wilson applied for an FHA loan to purchase 5970 W 16th Street, St Louis Park, MN 55416.

Lance, thanks for getting back to me and I am sorry that underwriting strung us along for two months and after putting us under the impression that all she had to do was confirm with the borrowers employer the guaranteed amount of his pay. I have researched both the IRS guidelines and FHA 4155. There is no reason that his expenses cannot be treated as income. Ray’s employer did not like the tune of the Underwriter. She was accusatory as if the employer was defrauding the government. The IRS Topic 514 Employee Business Expenses does allow for the process Ray’s employer utilize. It is an “accountable plan. It states if your employer reimbursed you or gave you an advance or allowance for your employee business expenses that is treated as paid under an accountable plan, the payment should not be shown on your form W-2 as pay. You do not include the payment in your income, and you may not deduct any of the reimbursed amounts. To be an accountable plan, your employer’s reimbursement or allowance arrangement must include all three of the following rules.
1. You must have paid or incurred expenses that are deductible while performing services as an employee.
2. You must adequately account to your employer for these expenses within a reasonable time period, and
3. You must return any excess reimbursement or allowance within a reasonable time period.
Ray’s expenses / incentive income comply with the above requirements and that is while his employer utilize the plan. For the underwriter to suggest that the income was not being reported anywhere and implying that there was some kind of tax fraud is unacceptable.
Now, if you go back to the FHA Handbook 4155. 1 4.E.5.b that states the amount of continuing tax savings attributed to regular income not subject to Federal taxes may be added to the borrower’s gross income is where Raymond’s situation falls. I am requesting that your underwriting team please revisit my point of view and reconsider getting Raymond approved for this loan. Thank you and I look forward to working with you.
I do need to hear back from you soon as I will have to escalate this to the mortgage higher up.
Thank you and Raymond and I, Maureen Wilson look forward to hearing from you.
my email address is [protected]@gmail.com

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mopedit
, US
Aug 25, 2016 7:03 am EDT

I received an FHA loan on a house in hemet that had a hole in the roof and was not up to FHA standards at the time of the sell I took out $5, 000 EXTRA DOLLARS FOR THE REPAIRS THAT NEEDED TO BE DONE, when I contacted Jeff the loan officer I was told I should be glad I got the deal I did and no money was given to me to do the repairs on the house. When I contacted Ed Hoffman the owner of this company he just ignored all my calls and letters, I have filed a fraud claim regarding this company and I hope everyone who has had any problems with this corporation do the same.

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