{"id":2574,"date":"2020-09-30T11:37:52","date_gmt":"2020-09-30T10:37:52","guid":{"rendered":"https:\/\/businessfinancenews.com\/?p=2574"},"modified":"2021-12-09T19:54:39","modified_gmt":"2021-12-09T18:54:39","slug":"fha-notice-to-homeowner","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/fha\/fha-notice-to-homeowner\/","title":{"rendered":"FHA Notice To Homeowner"},"content":{"rendered":"\n

FHA Notice To Homeowner: The HUD 92210-1 Form<\/strong><\/h2>\n\n\n\n

The FHA notice to homeowner of the assumption of FHA \/ HUD-insured mortgages (Housing and Urban Development Administration in the federal government) is a formal notification (Source<\/a>) that he has the legal obligation to perform each month the payment obliged by his mortgage contract and promissory note (Source<\/a>). <\/p>\n\n\n\n

THE FHA NOTICE TO HOMEOWNER IS A FORMAL NOTIFICATION THAT HE HAS THE LEGAL OBLIGATION TO PERFORM EACH MONTH THE PAYMENT OBLIGED BY HIS MORTGAGE CONTRACT AND PROMISSORY NOTE<\/em><\/p><\/blockquote>\n\n\n\n

If he sells his property by allowing the purchaser the assumption of the payment for the mortgage through an agreement in the contract, he is nevertheless still legally assuming the liability for the original mortgage signed (Source<\/a>). This obligation continues, except that he obtains a release from the original liability from the previous lender of the mortgage loan contract (Source<\/a>).<\/p>\n\n\n\n

For this, obviously, there is already an FHA mortgage in place, for which the buyer had to fulfill the FHA loan requirements<\/a> and within the loan limits for the year where the FHA mortgage was agreed<\/a>. (Source<\/a>) These principles apply to other types of obligations as well (Source<\/a>)<\/p>\n\n\n\n

FHA NOTICE TO HOMEOWNER<\/em><\/p>\n\n\n\n

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STEP BY STEP WHAT TO DO:<\/p>\n\n\n\n

This release of the original liability can be obtained, and here is where the form HUD 92210-1 and the FHA notice to homeowner come into play:<\/p>\n\n\n\n