May 15, 2012
According to the FHA and HUD, FHA loans come with certain rights and responsibilities. Some borrowers don’t realize they have these rights or know what the lender’s obligation to the borrower might be under FHA/HUD rules and the Real Estate Settlement Procedures Act (RESPA).
Knowing makes for an informed borrower–someone empowered to take action in cases where the borrower feels something isn’t quite right. How well do you understand the following?
The Lender’s Duty To Respond To Complaints
According to the FHA official site, any borrower with problems with the servicing of a home loan is entitled to a response from the lender. In cases where you aren’t getting that response, the FHA urges you to “Write to your servicer and call it a ‘qualified written request under Section 6 of RESPA.’ It should be a separate letter and not mailed with your payment. The mortgage servicer must respond to you within 60 business days of receipt.”
When Your FHA Loan Transferred to New Company or Servicer
Under RESPA,
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
Browse by Date: