Maryland CDA Loan Issues



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Answer #1

Evan,

Thanks for writing in. I have a few thoughts because allot of people have a similar problem. First thing is to check your fiancée’s settlement statement and see if the loan is an FHA mortgage. You in theory then have a shot to refinance but there are other hurdles to clear. I would definitely have her speak to her current loan servicer unless it’s Bogman. Then you might as well forget talking any common sense to her. I am assuming the loan isn’t owned by Fannie or Freddie but we should look at all options. The servicer of the loan should be able to answer that question. Hope that gets you started. I think CDA should let her rent it. I mean this is insane, are they going to make her default on the loan? People move, get married etc. Sounds like she is trying to do the right thing. Maybe come up with the cash to pay CDA off so the lien could be released and then maybe she could rent it? How much did she get? Let’s think this thru and then maybe get someone in Maryland state government to think instead of just a reflexive NO. Again hope this was helpful,

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407

Answers Answered By: Brent Mendelson Level Rating133points

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