Also, because the work ended up costing 4 times as much as the original contractor quoted us, we had to dip into our personal savings, retirement fund, and borrow money from family.

But, that is not an accepted course of action on BP because people are so enthralled with banks that they like to give banks 20% of their available money for the honor of borrowing money from the bank.

And lets pretend that all contacts with the borrower have been unsuccessful. 

The mortgagor is still bound to make the payments as if nothing happened.When you assume a mortgage, you know step in  place of the borrower and now you are the one sending the check!

They borrowed hm and used some cash/cc for additions/changes during construction.

You will have to get the property appraised at the time of distribution to determine it's value and the amount of distribution will be taxable event unless you are taking distribution from Roth and have met the requirements. 2) Non-recourse lending means that the borrower does not provide personal guarantee for the loan, the underlying asset is the only security for the loan.3) You can contribute into an IRA independently of your 401k contributions, assuming you are eligible based on your income.4) If you set up truly self-directed Solo 401k plan you can invest into virtually anything except collectibles and any transactions involving disqualified person.

In both situations, we are going to max out the seller assist to pay for all/most of our closing costs.

Any borrower caught in the middle of this ebb and flow with the potential of closing a loan that is 40-basis points higher than when they signed the application is concerned.

If you already own the home you live in, then you can only use a FHA loan for a new property if you:1. are moving because of a work-related transfer2. an increase in family size requires a larger homedirect quote:“FHA will not insure more than one Property as a Principal Residence for any Borrower, except as noted below.

The usual situation that arises are borrowers that have entered into a new contract with the contingency of first selling their current home.