Both guys have done several jobs with our realtor, so everyone's surprised that it has come to this because it is out-of-character.I've asked him to go back through his numbers and to talk to his subs to see if everyone takes a bit of a haircut, we can all get out of this without any one person taking the brunt of the goof-up.I'm hoping he is successful in cramming down his subs without cutting corners.  

I can't imagine they have equity left after such a haircut. 

Why don't you a take a haircut and come do it for me and build a bunch of clout, then jump back into FRB or FDIC in the big bank program making the big bucks and flying to NYC every other week!?

The FHA refinance program requires negative equity at the time of application it is not simply a short refinance, meaning if there is no negative equity the loan does not qualify regardless of whether the lender is willing to take the 10% haircut.  

However, they normally haircut your gross rent, so it's probably not going to be a complete offset to your mortgage payment.  

The court appointed receiver has submitted a plan where everyone that has an account there would get a 10% haircut. 

The general notion was that as a borrower struggling to make $X payment, instead of taking a slight haircut in their expenses renting at a lower rate than their mortgage payment, completely removed it from their expenses by moving home or in with other family.

I still come out there once a week for a haircut.

I think she spoke for the bank too quick - $3K seems like a real haircut.

A majority of your early deals probably won't be that juicy, I would suggest taking a haircut to gain relevance to your back end buyer or seller.