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Author: 307wolverine Big funky green star, 20000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 744152  
Subject: Worn out Date: 3/29/2013 10:43 PM
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It's been an interesting week. I'll give you more of a play-by-play tomorrow. I am bushed now. We get off work at 6 pm. I dropped DD of at home and drove home. I just finished up eating, but nothing as exciting as a squirrel stealing my daily bread.

One quick semi-interesting note before I retire to bed, read my mail, and snooze. I am getting introduced to the world of mortgage processing by working insurance. We verify adequate coverage and requested the current Declaration Page of the policy.

One package wound up on the desk of my neighbor. The loan package had just removed from suspension after being "fixed." The house was getting a re-fi and was in an easement area. A tower was built too close to the dwelling. He had to get the authorities to grant exemptions/waivers to make it marketable.

We assumed that either a cell tower or turbine was erected on the property. Can you imagine how upset the homeowner was when he/she discovered that their home was unmarketable? If they couldn't re-fi it, I hardly think that someone would be able to get a mortgage on it. If it isn't marketable it seems pretty worthless as collateral for loan, doncha think?

I assume that the easement area was to ensure that the house would be out of harm's way if the tower fell over. Another house purchase loan was suspended because it was a berm home. We saw the appraisal. The comps weren't vaild because the house was a one-of-a-kind dwelling. If you can't determine value, you can't determine adequate insurance coverage, and can't figure out how much to loan for it.

No doubt the upcoming weeks will reveal many more situations like that. G'night y'all. Colovion's Wolverines rallied from a huge hole late to advance to the Elite Eight.
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