Nightmare Partial Release that FHA just won't let go.

[Zoe]

HUD is trying to mitigate their liability.

HUD is your client. Understand?

 

[glenn walker]

Because what happens often is a the Subject property is worth more located on a extra large lot size. And when you remove it from the Existing House it goes down in value because it no longer is located on a large being the Two parcels combined.

So now your sale and marketability may change as will value downward. In this CASE the owner wants to build a home for his son-daughter on the separate parcel which works for him and his family but a stranger may not want to purchase the existing home on a smaller lot size with strangers living next door. The two lots often create a lot of buffer zone, and utility for many people who would not want the Subject after its located on a smaller lot size.

 

[glenn walker]

Unless you build or do lot splits few consumers or even many appraisers do not understand how partial Partial Release Clauses Work and so what happens is they try to get an Existing Lender, to give them one not understanding that the Original Lenders Loan is Insured by HUD on the original purchase, which secured two parcels. If the HUD Employee grants the "release" and for some reason the original borrower ever defaults, HUD is on the hook for the original loan insurance and he/she is probably out of a job LMAO

 

[Cob]

How can a client come back and just state "It was supposed to be FHA"?

 

[Dublin ohio]

My part saying, "someone may not understand what they are asking for."

It is clear after reading the link you posted I was incorrect. Someone does understand what they were asking for and why.

Not so fast. You may be somewhat correct. The OP appears to have given both values within the same report. If so than this was not followed.

separate appraisals that reflect the  value before the partial release of security, and  value of the remaining property after the partial release of security

 

[Tom D]

putting aside FHA, the home owner should have split off the land and refinanced his home when the interest rates were in the 3% range. whatever they want, i'm assuming nobody is paying you for the extra work. and by the way, right or wrong, FHA has a very big stick to beat you with, and they don't care what you were paid.

 

[Zoe]

putting aside FHA, the home owner should have split off the land and refinanced his home when the interest rates were in the 3% range. whatever they want, i'm assuming nobody is paying you for the extra work. and by the way, right or wrong, FHA has a very big stick to beat you with, and they don't care what you were paid.

Worst time in the world to play with HUD. I am trying to get the black woman's attention.

Biden would sign whatever she proposed.

She is pretty. Hope she is smarter than pretty.

 

[Zoe]

New HUD fee panel. She is pretty and smart enough to get that passed.

Biden would say where do you want me to sign?

 

[jay trotta]

putting aside FHA, the home owner should have split off the land and refinanced his home when the interest rates were in the 3% range. whatever they want, i'm assuming nobody is paying you for the extra work. and by the way, right or wrong, FHA has a very big stick to beat you with, and they don't care what you were paid.

And therein lies the problem, those who understand and those who have the big stick.
Before and After value(s), two appraisals - 2 fee's, any changes in the SOW, New report, new fee

 

[Digger88]

ive had an FHA reviewer give me a serious hard time once, they are relentless. do what they ask or face the consequences and no they dont care what you think.