FHA vs. Conventional

[investinAK]

Are there any difference in foreclosure proceedings with FHA than with a conventional lender? Please forgive my ignorance. :)

Edit:
Also, what year did non-qualifying assumables get done away with? This loan is dated October 4, 1988....Thanks,

-Ryan

[Just Information]

Go to http://www.hud.gov/assist/siteindex.cfm FHA is the backer but HUD is the foreclosing party as FHA is a division of HUD and your FHA/HUD procedures are different from conventional lenders.

Assumable loans never stopped but if you are talking about assumable type loans for an acquire fee and not qualifying this was stopped in the mid and late 80's.

By doing a title search and reviewing the mortgage document you will be able, to determine if this is an assumable loan as it will be identified as such.

[Just Information]

Opp's forgot got to hud clips and you can get some detail on the foreclosure procedings with FHA/HUD