topic Re: FHA back tracks on new rules!! A MUST READ!! in Mortgage Loans

FHA back tracks on new rules!! A MUST READ!!

LondonMassey — Tue, 01 May 2012 20:39:43 GMT

So, I was talking to my realtor about this short sale house I'm under contract for and he said everything is looking great and I should be moving in sometime soon. I told him I was still concerned about funding because of the rule changes with FHA and that I have some old, unpaid medical collections that total $5500 (from 2005-2007), even though I received my FHA number before April 1st. He said they changed the rulles again and told me to google it. This article is a MUST READ!! All this time I was wondering why the April 1st date changed to July 1st, now I know.

http://www.inman.com/news/2012/04/20/fha-postpones-rule-change-borrowers-in-debt-disputes

I can almost believe that I'll be a home owner soon, now...

Re: FHA back tracks on new rules!! A MUST READ!!

JusdoNit — Wed, 02 May 2012 02:32:54 GMT

Great read. Thanks

Re: FHA back tracks on new rules!! A MUST READ!!

rckstrscott — Wed, 02 May 2012 02:35:14 GMT

JusdoNit wrote:
Great read. Thanks

I thought this was already covered a few weeks ago; but yeah, this is def good news haha

-scott

Re: FHA back tracks on new rules!! A MUST READ!!

LondonMassey — Wed, 02 May 2012 06:11:24 GMT

I'm aware that it must have been posted sometime over the past couple weeks from seeing posts regarding a July 1st date, but I had missed what everything was about. Now I know and figured I would pass the info along to anyone that missed the first memo.

Re: FHA back tracks on new rules!! A MUST READ!!

boomhower — Wed, 02 May 2012 08:49:26 GMT

Hopefully it will get canned before it gets to that point. It's a horrible idea.

Re: FHA back tracks on new rules!! A MUST READ!!

Catacam — Wed, 02 May 2012 12:18:52 GMT

This was such great news for me!!! Thank you so much for reposting for those who didn't see it!!

Re: FHA back tracks on new rules!! A MUST READ!!

golo — Wed, 02 May 2012 13:45:28 GMT

Yeah,i hope they don't implement this it will hurt a lot of people that for unforseen reasons their credit went south.Hope they come to their senses.

Re: FHA back tracks on new rules!! A MUST READ!!

BreezyWe — Wed, 02 May 2012 15:20:57 GMT

That's good news!! Thx!

Re: FHA back tracks on new rules!! A MUST READ!!

shawal16 — Wed, 02 May 2012 16:55:00 GMT

Good Read!

Re: FHA back tracks on new rules!! A MUST READ!!

LondonMassey — Wed, 02 May 2012 20:48:44 GMT

Did you notice in the article where it said that anyone with proven life events that caused the non-payment is an exception? Meaning, for me, my medical bills were while I had state Medicaid... I obviously wasn't in a position to pay these bills out of pocket if I was receiving Medicaid. They failed to bill the insurance and then posted them on my credit.. "Unforseen circumstance". That means, even if July 1st comes and they implement this plan, I'd still get a pass with an LOE being that I'm a single mom of 3 and given my income and the fact that I had Medicaid, I wouldn't have been expected to be able to afford these bills, and a couple of them are from when I gave birth to my son, so it wasn't as if I could've just not gone to the hospital. I hate how they bill seperate for everything here. I NEVER received a bill for anything... and who knows what bills Medicaid received since every doctor, clinic, lab, department, etc bills seperately...

It just makes me feel better knowing that I'm not going to be punished any more than I already am as a single mom. I shouldn't have to give up 1/2-3/4 of my income to rent and utilities only to pour the rest of it into my gas tank for the rest of my life when I'm perfectly capable of being a home owner.

Re: FHA back tracks on new rules!! A MUST READ!!

youfool — Thu, 03 May 2012 02:26:52 GMT

Entitlement at its finest

Re: FHA back tracks on new rules!! A MUST READ!!

LondonMassey — Thu, 03 May 2012 05:23:29 GMT

Call it whatever you feel you need to, and try to insult me however you want, but considering that you don't know my circumstance and you're judging, you look like a fool. You're on this forum for one of 2 reasons, either you're attempting to get your credit in order to purchase a home or you're trolling. Either way, it makes no difference. If you consider by your "holier than thou" comment that you haven't experienced any hardship, then you potentially ruined your credit due to ignorance... A good job with benefits can fix any issue I have, but I don't believe they've found a cure for stupid, yet.

I hope you can afford to pay medical insurance for the rest of your life and any added costs due to pre-existing conditions... Oh... and please don't expect to get Social Security or Medicare... being that those are government assisted programs, regardless if you pay into them or not, as I work and pay taxes too... If that upsets you then that would mean you feel "entitled".

Not all people have the luxury of being able to afford anything and everything they want and need out of life. Wether one receives medical care and doesn't pay the bills because they can't afford to or one applies for and is approved for Medicaid, at least the latter took measures to attempt to have their care "paid for", somehow. The largest factor regarding debt IS medical. That's just how it is. Businesses don't provide adequate insurance, some don't provide any at all. Medical care has become a high dollar industry in which a person is seen with dollar signs over their head. A person without insurance is still required to be seen, but definitely not provided the care one would receive with insurance. So perhaps, let's fix the "entitlement" of the medical industry.

One last thing: I worked for a branch of the Governor's office regarding Consumer Health. I was laid off an unable to pay for medical insurance on my own being that I am a one income household with 3 minor children and am owed $19000 in child support. When my income and insurance was gone, unemployment was enough to pay for living expenses. And even though I received Medicaid, all of my regular bills were paid ON TIME, and I haven't had a single delinquency on my credit since 2007, which was medical. So... what was that about entitled?

(and in case you felt like making any comments about my living expenses, I already live in the "hood". My rent has actually dropped $245/mo since 2007... and my home has been robbed 4 times and car has been broken into twice. We sit in the dark and when we do turn lights on they're all energy bulbs. In the 115 degree summer heat, we have fans going or hit a water park, in the winter we use extra blankets. I don't have cable, I drive a 12 year old car and my insurance is about $35/mo, my only "luxury" is internet at $25/mo and cell phone at $40/mo., my furniture came from the Salvation Army, my desktop from Deseret Industries, laptop and tvs are refurbished, and all our clothes are 2nd hand or clearance. I do the best with what I have... but as resourceful as I am, I haven't figured out how to use my pennies to pay for thousands in medical expenses. Even as I speak, I am uninsured and have been for 2 years. I currently have a lump behind my ear that requires a biopsy, but... the company I work for doesn't offer insurance and I make too much ($1500/mo) to qualify for medicaid, I hope that it isn't a tumor/cancerous, and I haven't gone to the hospital because I can't afford to pay.)

Re: FHA back tracks on new rules!! A MUST READ!!

Lel — Thu, 03 May 2012 17:55:02 GMT

In the interest of keeping the Forums a civil place to exchange ideas, this thread is now locked. The discussion has run its course and is now going off topic.

I'd like to remind folks here of two things:

(1) Do not make assumptions about other people's life situations, and refrain from glib and noncontributory comments based on incomplete information.

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Thank you for your understanding.