Zillow Advice RSS: Question-Discussion-Guide,Loan Modifications,MO http://www.zillow.com/advice/MO/mortgage-loan-modifications/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate How to convert an FHA Loan into an Investment Property http://www.zillow.com/advice-thread/How-to-convert-an-FHA-Loan-into-an-Investment-Property/523705/ <p class="p1">Hello,</p><p class="p1"></p><p class="p3">I bought a brand new condo in Lake Saint Louis, MO in 2008 with an FHA loan. I bought the condo for $122,000 and currently owe $113,000. &nbsp;I have never missed a payment and have excellent credit. &nbsp;The loan is owned by Bank of America. &nbsp;The builder stopped building units and then walked away. &nbsp;The city has closed&nbsp;future&nbsp;development&nbsp;of the complex. &nbsp;We have 96 total units in the complex. &nbsp;Of the 96 there are 5 that are currently&nbsp;foreclosed&nbsp;on and are for sale between $55,000 and $85,000.&nbsp;My wife and I are not occupying the condo it and it has been tenant occupied for a little over a year now.&nbsp; We are renting my father-in-laws house until we are either able to sell the condo and break even or convert the property into an investment property.&nbsp; I would like to know if there is any way to convert an FHA loan into an Investment Loan?&nbsp; I think the issue that would come into play would be the loan to value ratio.&nbsp; The current loan balance surpasses the market value by a little over 20k.&nbsp; I have not yet talked with my loan servicer (Bank of America) and they are not aware that the property is not being owner occupied.&nbsp; My question is, if BOA was to convert the loan they would most likely force me to take an investment loan which would be higher interest which is fine but they would be required to appraise it at market value which would mean that negative interest would vanish, correct?&nbsp; Also is there a way to pass a property over to a family member?&nbsp; Essentially the family member would take over the loan.&nbsp; &nbsp; &nbsp;</p><br \><br \>16 replies Wed, 08 Jan 2014 02:48:00 GMT http://www.zillow.com/advice-thread/How-to-convert-an-FHA-Loan-into-an-Investment-Property/523705/ 2014-01-08T02:48:00Z does an IRS lien stay with the propoerty in foreclosure? http://www.zillow.com/advice-thread/does-an-IRS-lien-stay-with-the-propoerty-in-foreclosure/510840/ 3 replies Wed, 11 Sep 2013 08:32:00 GMT http://www.zillow.com/advice-thread/does-an-IRS-lien-stay-with-the-propoerty-in-foreclosure/510840/ 2013-09-11T08:32:00Z Mortgage Loan Houston - Magical Finance At Doorstep http://www.zillow.com/advice-thread/Mortgage-Loan-Houston-Magical-Finance-At-Doorstep/434659/ <em>[promotion deleted by Zillow moderator.&nbsp; Please see our <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy]</a></em><br \><br \>2 replies Sat, 10 Mar 2012 11:44:00 GMT http://www.zillow.com/advice-thread/Mortgage-Loan-Houston-Magical-Finance-At-Doorstep/434659/ 2012-03-10T11:44:00Z Why does my home's Zillow estimate decline while my neighbors' estimates rise? http://www.zillow.com/advice-thread/Why-does-my-home%27s-Zillow-estimate-decline-while-my-neighbors%27-estimates-rise/423224/ Nearly identical homes in same condition -- no changes to either.&nbsp; My home's estimate went from $74,000&nbsp;to $71,000&nbsp;from June to&nbsp;November while my next door neighbor's home went from $72,000 to $76,000 in the same time frame<br \><br \>2 replies Thu, 17 Nov 2011 17:24:00 GMT http://www.zillow.com/advice-thread/Why-does-my-home%27s-Zillow-estimate-decline-while-my-neighbors%27-estimates-rise/423224/ 2011-11-17T17:24:00Z heloc wirtten off as bad debt a year ago can we settle even if we have equity?? http://www.zillow.com/advice-thread/heloc-wirtten-off-as-bad-debt-a-year-ago-can-we-settle-even-if-we-have-equity/396971/ heloc written off as bad debt last year with First Horizon, transferred to Green Tree. looking to sell our house and was curious if we could try and settle our heloc before we sell our house and turn to make extra money for a new down payment?? owe 108k on the first, 31k on the second and house is about 180k. green tree said today that we might be able to settle for half, thinking that we could make some extra money that way and that it wouldnt do much to our credit since it is already written off aas bad debt, thanks<br \><br \>2 replies Thu, 28 Apr 2011 23:53:00 GMT http://www.zillow.com/advice-thread/heloc-wirtten-off-as-bad-debt-a-year-ago-can-we-settle-even-if-we-have-equity/396971/ 2011-04-28T23:53:00Z Would a mortgage forensic audit help? http://www.zillow.com/advice-thread/Would-a-mortgage-forensic-audit-help/344664/ All the paperwork on my mortgage has the wrong address. When I brought this to the attention of the title company a few days after closing on the house I was told they didn't care. I have also recently mentioned this to the mortgage company when speaking to them about restructuring my loan due to a loss of income. I also have a PMI payment inexcess of $300; when applying for this loan I was not told about this additional fee and did not learn about it until I was signing the paperwork at closing. I am in an interest only loan at 7%. The loan was misrepresented to me prior to signing. To be honest, I was surprised I was approved for the loan because I never was able to afford the payments on a conventional loan but the mortgage rep convinced me this was a great loan and I would be able to afford it by making interest only payments. I know it's my fault for not hiring an attorney but I was moving into a new state (Missouri) and didn't know anyone there. My real estate agent knew I was unsure about buying the house but he said he had a mortgage guy that could put me in the house. I have not been able to refinance due to a loss of income (business went belly up) and it has effected my credit scores.<br \><br \>14 replies Fri, 16 Apr 2010 15:43:00 GMT http://www.zillow.com/advice-thread/Would-a-mortgage-forensic-audit-help/344664/ 2010-04-16T15:43:00Z I just brought a house in september, so i have only been ther 3 months, can i do a loan modaficatio? http://www.zillow.com/advice-thread/I-just-brought-a-house-in-september-so-i-have-only-been-ther-3-months-can-i-do-a-loan-modaficatio/303969/ or is it to soon, i have a another house in the city that i need to sell, but i dont want to advertise it outside because of all the break ins for copper<br \><br \>3 replies Fri, 04 Dec 2009 18:32:00 GMT http://www.zillow.com/advice-thread/I-just-brought-a-house-in-september-so-i-have-only-been-ther-3-months-can-i-do-a-loan-modaficatio/303969/ 2009-12-04T18:32:00Z What can I do to get more (or better) quotes for my loan request ZR-BWTVQTY http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-BWTVQTY/349896/ 2 replies Fri, 14 May 2010 19:17:00 GMT http://www.zillow.com/advice-thread/What-can-I-do-to-get-more-or-better-quotes-for-my-loan-request-ZR-BWTVQTY/349896/ 2010-05-14T19:17:00Z Im trying to find out the value of my Manufactured home. I've owned it since 2009, was made 2004 http://www.zillow.com/advice-thread/Im-trying-to-find-out-the-value-of-my-Manufactured-home-I%27ve-owned-it-since-2009-was-made-2004/348000/ 1 reply Sat, 01 May 2010 04:24:00 GMT http://www.zillow.com/advice-thread/Im-trying-to-find-out-the-value-of-my-Manufactured-home-I%27ve-owned-it-since-2009-was-made-2004/348000/ 2010-05-01T04:24:00Z Lost job http://www.zillow.com/advice-thread/Lost-job/290793/ We tried to refinance, however my husband lost his job while we were in the process.&nbsp; Any chance we coud <a href="http://www.zillow.com/refinance/">refinance</a> under Obama's plan?&nbsp; We are not behind in our payments and we owe less than what our house is worth.<br \><br \>6 replies Fri, 23 Oct 2009 00:46:00 GMT http://www.zillow.com/advice-thread/Lost-job/290793/ 2009-10-23T00:46:00Z Loan Modification http://www.zillow.com/advice-thread/Loan-Modification/268169/ How does this work: <a href="http://www.zillow.com/mortgage/">Loan</a> Modification<br \><br \>2 replies Fri, 14 Aug 2009 20:17:00 GMT http://www.zillow.com/advice-thread/Loan-Modification/268169/ 2009-08-14T20:17:00Z What sucess are people experiencing when applying for loan modifications on FHA backed loans? http://www.zillow.com/advice-thread/What-sucess-are-people-experiencing-when-applying-for-loan-modifications-on-FHA-backed-loans/231425/ 0 replies Tue, 05 May 2009 17:18:00 GMT http://www.zillow.com/advice-thread/What-sucess-are-people-experiencing-when-applying-for-loan-modifications-on-FHA-backed-loans/231425/ 2009-05-05T17:18:00Z