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Foreclosure News

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Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
interesting...

their wesite search DOES include all or most of the current HUD offerings and pending sales... in a nice easy to read format

and at least a few Non-HUD forclosures...

But you gotta give them your name and email to get at'em :roll:

well see how much addl junk mail I get as a result 8O

Yeah and Methinks some of the unhappily soon-to-be-homeless in Jersey probably aren't going to be leaving quietly or without taking out the lender(S!) that got them upside down. The Mortgage Brokers Assn's quotes are sort of like cats trying to 'cover up' on a wide linoleum floor :evil:

Thanks for the post!
 

jtrotta

Senior Member
Joined
Jan 16, 2002
interesting comments regarding the goals of the lender as they said, to obtain the property thru forclosure; without Consumer Protection Laws, these folks are at the mercy of the lender.

it's too bad, as for some it's their life savings and they have no idea they're being duped out of their house.

8)
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
8) And, according to the new Appraisers Watch program, it is the appraiser who will be blamed and penalized for the foreclosures.

Don clark, IFA
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
“When you see exorbitant fees coupled with the lenders’ total disregard for the borrower’s ability to meet the terms of the loan,” said Foreclosures.com’s president Alexis McGee, “it’s hard to believe that taking the home through foreclosure is not the lender’s ultimate goal.”

Actually, their only goal is to make as many commissions as possible. Oh!, maybe that's just about the same goal.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Fannie Mae says it is losing money on all their REOs. I can't see how anyone could make money foreclosing on properties where they have loaned more than the property is worth.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I can't see how anyone could make money foreclosing on properties where they have loaned more than the property is worth.

Yeap. Go AVM's GO :!: :lol:
 

Oregon Doug

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Oregon
The last data that I have (a few months ago) indicates that the average loss per foreclosure is $54,000.

I've done three foreclosure appraisals so far this week (Wed) and I have two more to inspect tomorrow - it's a real growth industry.

Don, as to holding the appraiser responsable: Sure the unsophisticated borrower is greedy and the knowledgable lender is too. They often try to con each other. The appraiser is supposed to be a disinterested third party and complete the appraisal in a COMPETENT and ETHICAL manor. Therein lies the rub.

In every case I've seen or investigated, the appraiser has been the grease in the transaction - often knowlingly, sometimes not. When licensing was innitiated, the bar was set very low and has not been raised since. The result is that a sizable portion of the appraiser population simply doesn't have the the knowledge or understanding required to be appraisers. Additionally, many appear to be ethically challanged and unwilling to accept the responsability associated with the task of valuing our most important assets (our homes).

The foreclosure activity increase is a natural result. Is it the borrower's fault? Sometimes, but not usually as they rely on "professionals" to guide them. Is it the mortgage lender's fault? They often initiate these transactions and hound appraisers to "hit the number" but it is the appraiser - eager to please and earn a living - that is the facilitator in these transactions. Obviously not all, but quite a few. In the end, we will all be painted with the same brush.

Oregon Doug
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Oregon Doug,

I believe you are correct. I remember that most people used to look up to appraisers. Most Realtors and loan officers paid attention to the appraiser and knew more about what would and would not work for a valid appraisal to make their deals work. Not very many appraisals were questioned. The market still had it's ups and downs.

There is a lot of blame to go around. The number hitter appraiser, even though the system set it up for them to thrive, is the bottom line fault. Now, there really are WAY TOO MANY with an appraisal license that have NO IDEA how to appraise. There is practically nobody out there that is in a position to stop them.

Lender select and basically no lenders that turn in the bad ones. So far, very few number hitters are ever penalized for their fraudulent and incompetent practices - most are making more money than the honest appraisers. There is no reason for them to stop.
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
Oregon Doug said:

the bar was set very low and has not been raised since. The result is that a sizable portion of the appraiser population simply doesn't have the the knowledge or understanding required to be appraisers. Additionally, many appear to be ethically challanged and unwilling to accept the responsability associated with the task of valuing our most important assets (our homes).

How very true. Thank you for having the courage to post it. (Also, well said, I might add.)

I have many discussions (disagreements) with appraisers on this forum who think that 2055's are not limited because most appraisers will do them in almost any circumstance. (I have no problem wit 2005's in those cases where they are appropriate.) With others who say that the old methods of doing appraisal work are outdated and AVM's are t he wave of the future. And, still others who believe that ethical limits imposed by USPAP can be stretched. AND - those appraisers (who post on this site) are, most likely, the cream of the crop!

I am concerned that the future of our industry is more likely to be negatively influenced by lazy appraisers who rely on the "peer" language in USPAP than by greedy loan officers who push for value. For that reason, I have considered removing my name from the petition as a protest. I haven't done it yet, though.

Pamela said:

The number hitter appraiser, even though the system set it up for them to thrive, is the bottom line fault. Now, there really are WAY TOO MANY with an appraisal license that have NO IDEA how to appraise. There is practically nobody out there that is in a position to stop them.

Maybe the proposed educational qualifications at the AQB might be a start. I believe they should have put more emphasis in the study of economics, but it's a start.

https://www.appraisalfoundation.org/html/PD...AQC10-11-02.PDF
 
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