FHA Faces Extreme Capital Shortfall; Risks Taxpayer Bailout

Posted on Oct 11, 2012 in FHA Information

Some cool mansion images:

Image by kahunapulej
However one more mansion. Can you picture cleaning it? Or paying to heat it?

If you would like to see far more houses click right here…

A vermiculated sailfin catfish – A pesky burrowing fish …item 2..Armored catfish chewing up South Florida lakes, pill nibbling at homeowners’ wallets (April 20, 2012) ..
no credit check home loans
Image by marsmet471
"If we do nothing, I think eventually we’re going to end up with a sinkhole," said Susanne Ury, president of the Royal Lakes Homeowners Association.

……..***** All images are copyrighted by their respective authors ……..

Photo credits .. A vermiculated sailfin catfish. (U.S. Army Corps of Engineers/Courtesy / April 21, 2012)
…..item 1)…. The TF&G Report … Texas Fish & Game … Outdoor News from Around Texas and the

Invasive Armored Catfish Wreaking Havoc on Florida Waters
April 22, 2012
By Robert Gillock – Web News Editor


An invasive burrowing catfish with no natural predators is wreaking havoc in South Florida–and they are in Texas waters, too.

img code photo … Andrew Cumberland


Andrew Cumberland with an armored catfish caught from the Guadalupe River near his home on July 12, 2011.


The armored catfish eats away at local lakes, contributing to erosion that can steal more than 10 feet off the water’s edge.

Someone even tried spearfishing in a desperate effort to eliminate them, according to one resident of the Royal Lakes community west of Boynton Beach.

“There are some people who get totally upset, and I can understand why,” said Ralph LaPrairie, a fisheries biologist with the Florida Fish and Wildlife Conservation Commission.

There are some quick fixes, including installing wire mesh or spike rush, a dense aquatic plant. “But that’s not 100 percent foolproof,” LaPrairie warned.

More Here…


Related Stories

Armored Catfish Threatening Texas Waterways
Invasive Species Attacking Texas
Scientists Study Exotic Species Invasions
…..item 2)…. Sun Sentinel … www.sun-sentinel.com/news … Home > News > Boynton Beach

Palm Beach County, Boca Raton and now the Treasure Coast

Armored catfish chewing up South Florida lakes, nibbling at homeowners’ wallets

Repairs can cost million, contractor says

By Ben Wolford, Sun Sentinel
6:20 p.m. EDT, April 20, 2012



A pesky burrowing fish that has no natural predator is wreaking havoc in South Florida.

The armored catfish eats away at local lakes, contributing to erosion that can steal more than 10 feet off the water’s edge.

Someone even tried spearfishing in a desperate effort to eliminate them, according to one resident of the Royal Lakes community west of Boynton Beach.

Surveillance Video: Check out these videos of crimes caught on camera

"There are some people who get totally upset, and I can understand why," said Ralph LaPrairie, a fisheries biologist with the Florida Fish and Wildlife Conservation Commission.

There are some quick fixes, including installing wire mesh or spike rush, a dense aquatic plant. "But that’s not 100 percent foolproof," LaPrairie warned.

There are more reasons than one to take on this fish fight.

"One, it’s a safety issue. Two, it’s a curb-appeal issue," said Chip Sollins, owner of Lake Erosion Restoration, a contractor in Boca Raton.

Any permanent solution carries a hefty pricetag, as the small community of Royal Lakes is discovering. Hiring a contractor would cost as much as 0,000, and an assessment to pay for it likely would spark controversy.

"If we do nothing, I think eventually we’re going to end up with a sinkhole," said Susanne Ury, president of the Royal Lakes Homeowners Association.

Erosion in neighborhood lakes comes from fish, but also from the typical causes. Wind pushes waves against the sides, water gushing from downspouts washes away earth and when high water receeds, it carries the sand away with it.

But the surest and fastest culprits are armored catfish, a non-native tropical species that LaPrairie guesses numbers in the millions in South Florida. They eat algea and dead organic matter.

Perhaps the only thing that eats them is ospreys. But even the birds don’t really care for armored catfish — because they actually are armored, with modified scales along their backs and spikey fins. Plus, they aren’t very meaty, LaPrairie said.

For homeowners, the worst characteristic is their habit of pocking the sides of lakes with 18-inch-deep holes, about three or four inches wide. That’s where they lay their eggs.

Those holes are traps for unsuspecting residents strolling near the water.

"It creates a spongy effect to the property," said Joe Criscuolo, vice president of the Royal Lakes Homeowners Association.

The cost to prevent erosion and deter the fish can run to million for large communities, said Sollins, the erosion contractor. His company reinforces lake edges with concrete-like sandbags re-covered with sod. A mesh "fish grid," as he calls it, deflects the catfish.

As erosion becomes apparent in aging developments, his customer base is growing. He now has 35 bids out, he said, and competes with at least three other companies.

In Royal Lakes, a 15-year-old development with two lakes and 165 homes, the cost is a sticking point for some. The community would need to find money in reserves, loans or an unpopular assessment.

Most residents, such as Joan Brunswick, don’t even live by a lake. She acknowledges the need, but balks at the expense.

"People are not wanting to pay this," she said.

bwolford@tribune.com, 561-243-6602 or Twitter @benwolford

Copyright © 2012, South Florida Sun-Sentinel

For more homes click here…
No credit check payday loans-Meet your important needs in time
It is observed that the eye of the no credit check required pay day loans usually rises to as high as 426%! More more than if possess the inspections bouncing again, then your credit ranking decreases frequently lading to your standard bank as well as …
More informaiton please visit here…

No Credit Check Needed Payday Cash – Helps Worse Credit Ratings to learn of
They shift the loan amount instantly to the bank bill of your debtor on the identical day. This will assist them to get cash for everyone varieties or urgencies. The lenders make it possible for a fairly easy accessibility to the bad credit owners also …
More informaiton please visit here…

How to Refinance a VA Home Loan
It is almost unheard of for a lender to give you a mortgage with no credit check, but the VA streamline refinance is a rare exception to that rule. If the borrower has qualified for a VA-backed loan in the past, and has remained current on mortgage …
If you would like more informaiton please visit here…

Question by T M: 2nd Mortgage?
What will happen with my 2nd mortgage when I foreclose on my first? Will the bank add it to my 1st? It is a tottally seperate account. How will the bank act on it?

Best answer:

Answer by Net Advisor
Both will default. If the bank owns both mortgages it will be 2 separate debt accounts.

If another bank has the 2nd, erectile you’ll have another lender headache to deal with instead of just one.

Sorry to hear about this.

Best of Luck!

Give your answer to this question below!
Question by Joel W: Obama wants you to refinance your home?
“Put dollars in your pockets” he says, decease “and refinance your home.”

But the fact is, unhealthy the home has lost $ 50, diagnosis 000 to $ 100,000 in value, and without the economy we had and the jobs we had, the value of the home is far, far less than the old purchase price. Most of us ‘stingy’ Americans would be working three and four jobs to keep our heads above water with a seriously overpriced home.
Maybe it would be better to get out and find something in a better place and circumstance. It would seem, in fact, that declaring bankruptcy is a very, very good idea.

Will you refinance?

Best answer:

Answer by Lady Helen
If it will reduce your monthly payment and allow you to stay in your home, yes, refinance, not because BHO says so, but because it is best for you. Make sure that you either work with your local lender in a reputable bank or credit union, or with a “big name” national lender like Wells Fargo. Don’t go to a strip mall mortgage broker at all costs!

Market value is relative, but replacement value (the cost of the materials used to build your home + the labor costs) is what you should look at. The values can rise as well as fall, and whenever we get rid of the present administration and put the country back on the right track again (the sooner the better!), your home’s value should rise too.
Whatever you do, try to avoid foreclosure as it will stay on your credit record longer than a bankruptcy. Work with a good realtor to try a “short sale” if you just can’t make those payments.
I’m not refinancing, but then I got a good rate 6 years ago, and bought just before the “bubble”, so my home’s value is back to what we paid for it. Yes, we have a HELOC too, but we are using it to upgrade the property, like putting on a new roof, connecting to the city sewer, painting the outside, etc. and not buying a boat or paying for trips to Disneyworld.
Wait 5 years and you might just find you have broken even or wait another year, and the rate might go down to 3%!

Add your own answer in the comments!
Question by Neta: FHA Loan, approved Upfront Mortgage Insurance Premium?
I’m in the process of buying a house through the FHA loan. Anyway, is the mortgage insurance premium required if I am putting down 20% of the cost? And if so, instead of adding the insurance premium into my loan amount, can I just pay it cash??

Best answer:

Answer by Obviousman
If you are putting 20% down, mortgage insurance is not required, although it depends on the state.

If you were required to pay for insurance, cash is the WORST way to pay. There have been cases of people paying for insurance, thinking they were covered, when it turned out that an employee kept the cash and no record existed of payment. Paying by check (or electronically) is much better, since it leaves a trail.

Give your answer to this question below!
Question by MO: Does anyone know of a lender that will still do 100% financing SISA? The fico is 720.?

Best answer:

Answer by Fatty
i have several that will still do it. it will, dosage however, depend on the area. if you are in certain declining markets they wont take it SISA, 95% max. I actually have SISA down to a 680 FICO for 100%… and the rates are in the 6’s.

Give your answer to this question below!

fha appraisal
by Editor B

Question by madynlaneylou: How long does an FHA appraisal take?
We’ve been waiting now on the appraisal for about 2 weeks, pills and everytime we call the lender she says she hasn’t heard anything yet. What could be taking so long? I know with FHA loans they are a lot more detailed, but what if they find something that needs to be fixed? Do they contact the seller to fix it or do they notify the bank that the appraisal was not good?


Best answer:

Answer by cactusgene
This all depends on the individual appraiser to whom the appraisal assignment is given to. With appraisal management companies getting most of the work, they generally push for a 2-3 working day turn-around. However, it should not take longer than a week for a single family home.

Update: I just read your question again and notice that I have not answered it completely. But here we go. If you already waited 2 weeks since the appraisal inspection that’s an awful long time in today’s market environment. You have the right to contact the bank or lender and inquire about the status of the loan. Tell them the appraiser told you it should be ready in about a week.

No, the appraiser will not contact you to fix any deficiencies noted. They will be listed on the appraisal and are known as conditions to the appraised value. It is then up to the bank underwriter to waive these appraisal conditions or ask the seller to fix the deficiencies before the loan will be funded. In rare cases the amount to fix can be withheld in escrow and the loan can close, but I don’t know if HUD rules allow this for FHA loans. Good luck.

What do you think? Answer below!

A handful of good chateau photos I discovered:

Cha?teau de Fontenay à Lignières (Indre-et-Loire)
Image by sybarite48
Château de Fontenay, ed entre Saumur et Tours.

More great homes click here…

stated income commercial loans
by marsmet523

Question by adworld: Any No Doc, website Stated Income Commercial loans out there?
Looking to purchase land, this site and build income property, online warehouses, and need to do it without income verification AND little to zreo down payment…

I have decent credit, 745, and currently own 2 houses, one as my primary residence and another as income property…

Any loans/lenders who can supply 100% financing with a no doc or stated income loan for commercial property? Loan amount will be $ 900,000


Best answer:

Answer by d m
Check with LNB Commercial Capital you can find them on the web

Know better? Leave your own answer in the comments!
Question by ss: how in depth does the mortgage company get with verification?
i applied for a fha mortgage and the mortgage company is not counting my student loans in my dti because they are on forbearance. technically, discount they are supposed to be on forbearance for a year, try but mine will not be in 5 months. they used my forbearance letter that didn’t say when i had to start repaying and they never asked me when the forbearance was up.

does the underwriter or someone else actually call the student loan company to verify, viagra dosage or do they just work off the paperwork given to them?

Best answer:

Answer by lender2you
Yes and your Loan Officer is doing you a grave disservice by not disclosing this to the u/w up front. I hope you will still fit the DTI once that is added into your debt. FHA is very concerned right now with the numbers and tend to be extra critical. You may want to ask that it be added in so you can see your DTI and make sure you are still qualified for this loan.

Add your own answer in the comments!
FHA Faces Extreme Capital Shortfall; Risks Taxpayer Bailout
FHA logo Federal housing policy, visit this understandably, find these last several years has focused on preventing mortgage foreclosures, not just on initiating them. Yet the Federal Housing Administration (FHA), despite the best efforts to stem the tide by the Obama …
For more informaiton please visit here…

HAMP Servicers and Their Metrics Continue to Improve
The Treasury FHA-HAMP Program provides assistance to eligible homeowners with FHA insured mortgages. There have been 13,270 trial modifications started through the program and 7,853 conversions to permanent status. A final subsidiary program is UP …
More informaiton please visit here…

4avg.rating 29 votes.