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FHA Forgiveness Assignment

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Kevin A. Spellman

Thread Starter
Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
A property was acquired for $245,000 with 100% finance in 2004. I received a FHA request for this property.

If the value is $200,000, the existing lender will forgive $56,000. This was stated by the owner/applicant. The owner/applicant claims to be a victim of predatory lending.

She ask me why I was measuring the home the other appraisers did not. I told her it is in best interest for me to provide a credible and reliable report. She said, "Please do not push the value". In the four years of owning this property she knows more about the appraisal process than her own home.

Am I the only Forum member receiving FHA appraisal assignment for forgiveness?
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Not yet, you must be the first to post such a critter. And Wow, they are going to eat the rest?

I wonder how skippy is handling such assignments? :rof:
 
Last edited:

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Skippy is handling these just like any other assignment....just putting whatever number "works" on the appraisal report.....all appraisals are easy for skippy....just do whatever the client says and hope not to get caught
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
No FHA requests for "foregiveness" but many conventional lender "short sale" requests. Almost all appraisals for sales I have done recently involve a short sale.
 
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