A mortgage company inflated the appraisal on my town-home a year ago, now problems refinancing?

Only serious answers please!

I took out a HELOC 1 year ago and the appraisal showed up at 220k, i have a 1st mortage at 135k. At that time i had a 2nd at 45k. What they did was pd off my second, payed some cc debt and medical bills totaling out to be 70k. %26quot;the even persuaded me to do more and get cash but i did not want any cash%26quot; The goal was to prepare me to refinance my 1st mortage that is a ARM and has adjusted 4 pts.

Now i am ready to refinance my 12% 1st, passed the credit scoring part ect then had a appraiser comeout---well he came up with 185k. nice guy and explained it to me with me being concern with the value 220k last year. he looked into it for me and told me no way that should have been valued at 220k, if a apprasial would have been done then should have been 183k. I called the mortage company that holds both loans and they will do nothing I explained my situation about that appraisal, they told me they used a AVM and there must have been a glitch.

A mortgage company inflated the appraisal on my town-home a year ago, now problems refinancing?

First of all some of these folks are NOT reading your question.

do you have a copy of this appraisal for 220k? you should with your closing paperwork. If that appraisal did show 220k and your appraiser proved to you an appraisal was at 183k. Then yes they fraudulently inflated your appraisal. Even if it was a glitch the lender is held accountable for that number. Is full spectrum lending a broker? who ever they are they need to help you. Contact them, you need to file a investigation in their company NOW someone may have inflated your appraisal to get a sale. Countrywide has a good rep. and they will want to take care of this. No luck with dealing with the lender or broker where they will not help you. File a complaint with your states attorney generals office, dept of commerce and better business bearu. They will investigate this and discipline accordingly.

Amer quest mortgage did this same kind of crap inflating mortgage and had to help the individuals affected by this and got slapped with a huge fine.

First deal with you orginator make a honest effort, they do not want you do go to any of the departments listed above. Ball is in your court.

Yes the markets are falling down but it seems like you home has gained 183to185

good luck

A mortgage company inflated the appraisal on my town-home a year ago, now problems refinancing?

depending on where you live, home values have dropped a bit. Here on long island they have. Your house probably was worth more last year. The problem you are having is one that many people are experiencing right now. The values of homes have dropped and so does the equity. I don%26#039;t think there is much you can do to correct this situation. Sorry.

A mortgage company inflated the appraisal on my town-home a year ago, now problems refinancing?

There is no way to sound less than genuine, so I won%26#039;t try. You are up a creek, with no paddle. The only solace for you is that you are not alone. More and more homeowners are jumping into their canoes as I write. Sorry.....

A mortgage company inflated the appraisal on my town-home a year ago, now problems refinancing?

Unfortunatley appraising is not a science-- its an art. You can go order 3 appraisals and you%26#039;ll get three different prices. They SHOULD be close to one another, but they aren%26#039;t always.

There%26#039;s not a lot you can do, unfortunately. You can try suing but I%26#039;d be suprised if it worked out that you didn%26#039;t owe the cash tehy gave you.

You can try paying for an independant appraisal and seeing if he comes up with a higher number. Otherwise you will have to wait until the market increases to match what you owe.

A mortgage company inflated the appraisal on my town-home a year ago, now problems refinancing?

Speaking as a nationally known credit score and mortgage lending expert (book, radio shows, newspaper columns, etc.):

Values of real estate HAVE dropped in many areas of the country...maybe that has happened in your case too?

Several other points:

Next, the mortgage company does not appraise. Appraisers appraise.

Also, it is a FELONY for an appraiser to knowingly over-appraise a property.

It is also a felony for a loan officer to try to influence an appraiser to over-appraise.

If you think a Coutrywide loan officer has done something illegal--persue it. I accuse that company of unethical behavior publicly.