Deed-in-Lieu of Foreclosure - HAFA Assistance

[ValleYum]

I've heard that FHA won't fund the loan without x amount of roof life left. x is usually 5 years on a 30 year roof .

[Drazil65]

"The problem is we literally cannot find anything because we have large animals and need pasture. I have been looking on and off for years because we would like to get out of this area and closer to town because gas has gotten so expensive. It is normal for us to drive over 100 miles a day."

Friend, rethink ALL your priorities, your decisions are keeping you from moving on. The house needs to go (you really cannot afford it and you want to leave area), I am sorry but you probably know what is coming next, sell the "large animals" that need pasture. You need to simplify your life and minimize, hard decisions for sure but necessary. We have all had to make those compromises and sacrifices to right the ship. I think you know all this, I really do but maybe in state of denial and full of excuses why you cannot seem to move forward. Hard to hear but you know what you need to do. It's a reality a this point or stay where you are and figure out how to make it work.

[LadyInTheRed]

I've heard that FHA won't fund the loan without x amount of roof life left. x is usually 5 years on a 30 year roof .

That's probably not true for an FHA rehab loan which is specifically intended to help a homeowner do things like replace a roof.

[frustrated51]

Are you sure those large animals aren't for food or our business?

Also not sure why you say we can't afford the house. It is underwater that is the problem and with a reduction in interest it would be very affordable and we would be able to rent it or sell it with about $10K of the work. So if the short-refinance can be combined with a 203K it makes perfect sense.

[Drazil65]

It is underwater that is the problem and with a reduction in interest it would be very affordable and we would be able to rent it or sell it with about $10K of the work. So if the short-refinance can be combined with a 203K it makes perfect sense.

Because of everything you just said states that you cannot afford the home. Affording a home is not just paying the mortgage (which you are trying to get reduced so it can be very affordable), you also need to be able to keep it up and fix what ever is wrong or in disrepair. People forget that owning a house is way more costly than just paying the payment each month and you cannot live on what if, that just keeps you from making solid decisions. Right now you are looking down every rabbit hole to figure out how to keep the house and make the repairs. It's kind of black and white.

The large animals are still a costly burden that could be sold so that you can move easier when the time comes. You stated you needed money to move.