Cohousing-L Mailing List: Re: Home Equity/Mortgage Loan Denial-Need Resolution

[Sharon Villines (sharon]

On Jun 13, 2013, at 10:08 AM, Raines Cohen <rc3-coho-L [at] raines.com> wrote:

> I'd love to get specific details off-list from others who have recently
> gone through the process, including case numbers and rejection
> letters/application details, so we can start to formulate a campaign -- one
> that will benefit all cohousers across the country, both new communities in
> formation and established cohousers offering resales and seeking
> refinancing. I know I can't do it alone.

Many thanks to Raines for tackling this very complex topic. I've been waiting 
for him to speak since he is the only person I know who will pursue a topic in 
the depth and breadth this one requires.

It's really important to get the case numbers and copies of rejection letters, 
etc. And very hard to do. I haven't applied for a refinance since this current 
climate started and haven't been able to get others to be persistent enough to 
get this information.

In one case it was the appraiser who reported that we were on FHA's blacklist. 
I asked a person who works for HUD to inquire sub rosa to an FHA friend. No 
such blacklist exists. I went back to the broker to get a copy of the 
appraiser's letter to see exactly what it said -- can't get it. It's the bank's 
property. The broker won't pursue it. 

He just went to the next bank -- no problems. Issue is dead for him and for our 
resident. The next person has to go through the same bank-roulette to get a 
mortgage. 

Sharon
----
Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org