He looked at his paperwork, and it says the loan is assumable as long as the bank verifies FHA qualifications.IF he can do this, what should he ask for in the check?

I would assume a lender or mortgage broker has verified this already but you would be amazed that some are idiots.

James, I do have an identical unit comp (215K).

Usually you want to know if they have good rental history that you can verify.

Though you might see if the sheriff will come out to verify that it is vacant.

Additionally, foreclosure levels were affected by our directive to servicers to delay foreclosure sales until the loan servicer verifies that the borrower is ineligible for a HAMP modification and that all other home retention and foreclosure prevention alternatives have been exhausted.

This should be increasing but when purchasing a distressed property or renovating in order to move out - this is still very strong because the lender will base their loan on improved value as verified by appraisal.

I give callers a rundown of the high points of my criteria - verifiable income 3X rent, no evictions (ever), no felonies in the last five years, no more than two misdemeanors in the last five years, verifiable rental history.

Now, see if you can verify that information with the county clerk.

Here are 3 tips for avoiding popular lending scams:1.Run away from fee collectors: A lending scam is usually present if high, upfront fees are paid directly to the lender.2.Obtain references from the lender: Although real references are hard to verify, always ask for references from the lender’s clients.