CWCOT Interior Appraisal

[hglenbetts]

OK, I must live in a very sheltered world. I have never had this requested before.

Apparently there is info in 4150.1 but I couldn't glean much.

1004??

As Is?

Cost to cure??

Fees??? Similar to FHA 1004.. More.. Less??

I've already turned it down, so there wasn't any assignment details for me to read.

Can someone share on this?

Thanks

 

[William Rightsell]

OK....50 views...no responses....

Like everybody else is wondering...whats CWCOT??

 

[JTip]

It's too early to read and interpret this, coffee is still brewing......

http://www.HUD.gov/offices/adm/hudclips/handbooks/hsgh/4330.4/43304c6HSGH.pdf

CLAIMS WITHOUT CONVEYANCE OF TITLE (CWCOT)

6-1 GENERAL.
A. Under the Claims Without Conveyance of Title (CWCOT) program the
mortgagee does not convey the property to HUD in exchange for
insurance benefits (Section 204 of the National Housing Act, 12
USC 1710). The mortgagee bids not more than the Commissioner's
Adjusted Fair Market Value (CAFMV) at the foreclosure sale. If a
third party is the successful bidder the claim is filed as
provided in this chapter. (24 CFR 203.368) If the mortgagee is
the successful bidder and elects to convey the property to HUD
the claim must be filed as a conveyance (See Chapter 2).
B. The CWCOT procedure is used only in those cases in which the HUD
field office directed or authorized the mortgagee to seek a
deficiency judgment against the mortgagor.

 

[hglenbetts]

It's too early to read and interpret this, coffee is still brewing......

[url]http://www.HUD.gov/offices/adm/hudclips/handbooks/hsgh/4330.4/43304c6HSGH.pdf[/URL]

CLAIMS WITHOUT CONVEYANCE OF TITLE (CWCOT)

6-1 GENERAL.
A. Under the Claims Without Conveyance of Title (CWCOT) program the
mortgagee does not convey the property to HUD in exchange for
insurance benefits (Section 204 of the National Housing Act, 12
USC 1710). The mortgagee bids not more than the Commissioner's
Adjusted Fair Market Value (CAFMV) at the foreclosure sale. If a
third party is the successful bidder the claim is filed as
provided in this chapter. (24 CFR 203.368) If the mortgagee is
the successful bidder and elects to convey the property to HUD
the claim must be filed as a conveyance (See Chapter 2).
B. The CWCOT procedure is used only in those cases in which the HUD
field office directed or authorized the mortgagee to seek a
deficiency judgment against the mortgagor.

Yep.. That's what I read. really doesn't say what the appraisal assignment for it would entail. There might have been instruction from the client, if I'd accepted the assignment.

 

[Pilgrum]

It's too early to read and interpret this, coffee is still brewing......

[url]http://www.HUD.gov/offices/adm/hudclips/handbooks/hsgh/4330.4/43304c6HSGH.pdf[/URL]

CLAIMS WITHOUT CONVEYANCE OF TITLE (CWCOT)

6-1 GENERAL.
A. Under the Claims Without Conveyance of Title (CWCOT) program the
mortgagee does not convey the property to HUD in exchange for
insurance benefits (Section 204 of the National Housing Act, 12
USC 1710). The mortgagee bids not more than the Commissioner's
Adjusted Fair Market Value (CAFMV) at the foreclosure sale. If a
third party is the successful bidder the claim is filed as
provided in this chapter. (24 CFR 203.368) If the mortgagee is
the successful bidder and elects to convey the property to HUD
the claim must be filed as a conveyance (See Chapter 2).
B. The CWCOT procedure is used only in those cases in which the HUD
field office directed or authorized the mortgagee to seek a
deficiency judgment against the mortgagor.

Oh! That's what it is. An opportunity to testify in court.

 

[sputnam]

OK....50 views...no responses....

Like everybody else is wondering...whats CWCOT??

Yep! Read the OPs post and I'm wondering....What the....?

Was there a question in there somewhere?

 

[MEL]

I've just starting seeing these orders too. I have not accepted one so I don't have any helpful information for you.

 

[Mike Garrett RAA]

Another fine reason..."appraiser hasn't a clue".

 

[spittman]

Any more insight to this program? Received a couple of these. Instructions say appraisal is for internal use only and that FHA # is for tracking purposes only. Just curious as to what the process is for the CWOT on the lenders side.

 

[Carnivore]

Oh! That's what it is. An opportunity to testify in court.

Yes, very possible/probable.

What bother me about this thread is the OP said he did not have details about the assignment. As a side note; This reads like an AMC offered this to the OP. Probably NOVA or Clear Capital or a other really shifty AMC.