A mortgage company inflated my appraisal a year ago on my town home?

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 my appraisal a year ago on my town home?

So what is your question????

why are you not refinancing with the company that already holds your mortgage? they are usually willing to match any other companies as far as rates are concerned. The new company that has appraised your house less will not give you a mortgage for more than they think the house is worth, The original company may have inflated the value. which could be costly to them if you don%26#039;t pay the loan. If they foreclosed and sold the home they would not get all their money. Stay with the original lender, get them to match any other offers. and hire an independent appraiser. that is not connected to either company and see what his value is. then take the 3 appraisals and average them. Appraisers hired by the mortgage company are working for them and sometimes put a value on a property that is higher or lower depending on what the bank requires to finance you.