| Re: FHA Secure
The policy is there and frankly it should not be, as NO ONE is doing it, literally NO ONE. The myth keeps getting perpetrated and it is FALSE....totally FALSE. There is only one way to get the lender to eat any principle to date...find that egregiously fraudulent appraisal that was preformed, prove it with at least 3 really qualified appraisers designated with MAI designations....the highest available designation that I know of, to testify to to the fraud, and take the beggers to court, they will settle out, but still the suit has to be filed....that entails MONEY....unless you have one that is so damn good the attorney can make bank on it....from here 'til the cows come home.
So, yes the folks at FHA include it in the policy as a alternative to underwater equity issues, but no can do in the real world, oh and the reason they include it as a policy statement is that they have it in their policy as a "work out" methodology, which they themselves do not use....just like "partial claims", well they do use those in disaster areas as confirmed by FEMA, like Katrina or Rita....go figure, they have the policy, have to address it, but do not use it to mitigate hardship...
Long and short the only way to get an FHA Secure loan is to have the equity as of today, tomorrow, well as we all know the guidelines and programs, as well as the loss mitigation programs are a moving target changing daily.....one day 4 changes to programs makes an underwriter state, forget it, not touching anything today until they make a final decision as to just what they are going to allow or not....no way will we sign something that 2 hours later is no longer available and our decision is invalid. Poor customer service and entirely way to much risk exposure. |