Loan Modification Form

[Meandering]

I have a request to do an appraisal by the home owner, at the request of their attorney, for a HAMP loan modification. I am tossing about which form to use, and if the URAR would be appropriate because they are trying to change the loan, but the client is not the lender.

Any thoughts?

It will be a good one. Homeowner bought it 4 years ago, 3,000 SF on 12 acres. they did some engineering work and applied for subdivison approval for five 1 acre lots but did not follow through for final subdivision approval. Right now, subdivision does not seem to be economically feasible given the number of lots already listed for sale and the costs associated with the final approvals and road construction. So, for the moment it is still SFR.

 

[Jerry Bone Jr]

at the request of their attorney

Mr. Attorney how would you like me to report the appraisal? On which form?

 

[Meandering]

Good idea, thanks

 

[Lee Lansford]

Good idea, thanks

Maybe. Maybe not.

The attorney may be not have a clue as to what "form" is appropriate.

Given that your client intends to use the appraisal for a "HAMP Loan Modification", are you (or,your client) aware of what is required regarding the appraisal? Just asking.

 

[Meandering]

HAMP is FHA, no appraisal needed.
The attorney requested it in order to fight with the lender over
what they expect is a loss in value due to market conditions.

I told the homeowner that they did not need an appraisal for HAMP,
but they want the appraisal anyway to give to the attorney.

I'm going to do it on the GP form.

fight to get their monthly payments reduced.

 

[Meandering]

Sorry,
They are going to fight to get their payments reduced. I'm not in that.