For my fellow Active
Rainers who are also subscribe to By Referral Only, you may have already seen
this, if not, I have to share this with you guys here just because it's so
darned funny! Ricardo Cobos.
Could I Get a
Mortgage?
Ever deal with FHA?
A New Orleans lawyer
sought an FHA loan for a client. He was told the loan would be granted if he
could prove satisfactory title to a parcel of property being offered as
collateral. The title to the property dated back to 1803, which took the lawyer
three months to track down.
After sending the information to the FHA, he
received the following reply (actual letter): "Upon review of your letter
adjoining your client's loan application, we note that the request is supported
by an Abstract of Title. While we compliment the able manner in which you have
prepared and presented the application, we must point out that you have only
cleared title to the proposed collateral back to 1803. Before final approval can
be accorded, it will be necessary to clear the title back to its
origin."
(continued
below)
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Annoyed, the lawyer responded as follows (actual
letter):
"Your letter regarding title in Case No. 189156 has been
received. I note that you wish to have title extended further than the 194 years
covered by the present application. I was unaware that any educated person in
this country, particularly those working in the property area, would not know
that Louisiana was purchased by the U.S. from France in 1803, the year of origin
identified in our application.
"For the edification of uninformed FHA
bureaucrats, the title to the land prior to U. S. ownership was obtained from
France, which had acquired it by Right of Conquest from Spain. The land came
into possession of Spain by Right of Discovery made in the year 1492 by a sea
captain named Christopher Columbus, who had been granted the privilege of
seeking a new route to India by the then reigning monarch, Isabella. The good
queen, being a pious woman and careful about titles, almost as much as the FHA,
took the precaution of securing the blessing of the Pope before she sold her
jewels to fund Columbus' expedition.
"Now the Pope, as I'm sure you know,
is the emissary of Jesus Christ, the Son of God. And God, it is commonly
accepted, created this world. Therefore, I believe it is safe to presume that He
also made that part of the world called Louisiana. He, therefore, would be the
owner of origin. I hope ... you find His original claim to be
satisfactory.
"Now, may we have our ... loan?"
They got
it.
Posted
By: Joe Stumpf
OK, for the record, and admittedly obtaining an FHA loan USED to be that
challenging. and now that 286 lender have imploded, no make that 287 now that
WaMu failed, many loan officers who have never originated an FHA loan are now
trying to do so and will little success because they simply do not have the
skills and training needed to understand the product. However, the FHA
Modernization Act has significantly reduced a lot of inspections and
requirements that used to cause Realtor to run shrieking from the would be
buyer who brought them an FHA pre-approval letter. If you are not seriously
looking at USDA, FHA and VA (any loan ending in an A for that matter) you are
missing about 50% of the marketplace. If you have any FHA related questions or
any mortgage related questions, feel free to post your question here and I will
be happy to answer your questions. If you prefer to reach me personally, feel
free to call me directly.
Your Friend in the Business,
Ricardo
Cobos
Your Mortgage Loan Consultant for
Life
National
City Mortgage, a division of National City Bank
5510 Six Forks Road, Ste 107
Raleigh, NC 27609
Direct:
(919) 848-2117 Ext 232
RightFax:
(866) 605-0079
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P.S. Your referrals are the life blood of my business. I enjoy
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better life?
Excellence
in Mortgage Lending
Stumble It!;)
;)
I can't believe the "A" loans are only about 50%. I've done them from day one. Yes it's more trouble and more complicated but you need to give your clients what they NEED, not what you know. How hard are these loans anyway? Really?