The FHA is tightening the screws on borrowers again. Borrowers will be rejected for an FHA mortgage if they have an account over $1,000 in dispute or collection. The new rule went into effect April 1. If the disputed debt is more than 2 years old, borrowers won’t have a problem securing an FHA mortgage.
Have you heard about the Indianapolis businessman who surrendered his luxury car collection as a means of paying off investors who lost money in his finance company? Tim Durham, owner of Fair Finance Co., has not been charged with a crime, but U.S. District Attorney Tim Morrison in Indianapolis alleges he’s involved in a Ponzi