A mortgage company inflated the appraisal on my town home a year ago, looking to refi?

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, looking to refi?

Welcome to the World of con artists!

A mortgage company can tell an appraiser the numbers they need to have written on an appraisal. If the appraiser decides he wants lot of business from the mortgage company, he will do what he is told. As in all businesses, there are those who don%26#039;t deserve a license.

An appraisal is an opinion. Some can jack up the comparisons so high, they%26#039;re up in the clouds. It sounds like this is what Countrywide did for you, a common occurrence with this company. You can bet that appraiser gets quite a bit of business from them. Money talks.

In the meantime, run, don%26#039;t walk...away from them. Talk to a local banker, credit union or even mortgage company right in your hometown about what happened and what you need to do to get this mortgage straightened out. Stay away from TV ads and on line mortgage companies.

Take your 2 appraisals and send a letter to your State licensing board for review. There was no glitch (as they told you) and unfortunately has cost you some extra money.

The best thing you need to do now is get it straightened out and fast so you can get out of those high interest rates.

Good Luck! (Sorry this happened to you and countless others)

The mortgage industry needs law and regulations to stop scamming people.

A mortgage company inflated the appraisal on my town home a year ago, looking to refi?

I am actually taking a course in Real Estate Appraisal. Every state aproved appriaiser needs to conform to a code of ethics called the USPAP. The only chance you have at reimbursment is if you can prove the appraiser was negligent. You have to prove that they violated one of the Uniform Standars of Professional Appraisal Practice (USPAP)

I shall copy word for word from my college book. If you can prove that they violated the USPAP, you%26#039;ll need to prove it in court with a lawyer.