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FHA Bailout

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bart nathan

Thread Starter
Member
Joined
Jun 9, 2005
Professional Status
Certified Residential Appraiser
State
California
Did me first request for a FHA bailout on Monday. Looks like they wont be getting bailedout because they owe more than what the house is worth.

FHA business has picked up this year. I keep getting calls about clients regular appraiser not being FHA approved.

STRANGE...
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
Don't you think that will be the case on say 50-75% of these loans?

I am glad that some will get help, but the bell has rung, causing values to decline.

I would venture to say that if the borrower had 10 to 15K to get himself in an equity position on the house, he would't need a bail out.

I am not much for Big Brudda coming in to help anyway.

Let the market take the hit, and we can all move on. Nobody will lend money like this for a long long time...at least 4 or 5 years.:new_all_coholic:
 

JCONNOR3

Sophomore Member
Joined
Apr 6, 2007
Professional Status
Certified General Appraiser
State
Florida
Here in Fl more than 75% will be upside down is my guess. More than 50% are not owner occupied.
 

CCAAMO

Senior Member
Joined
Sep 17, 2007
Professional Status
Certified General Appraiser
State
California
FHA has only makde 266 of these " bailout" loans in the past 4 months. Based on the requirements, I don't think may people will qualify.
 
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