A mortgage company inflated the appraisal on my town-home a year ago, now problems refinancing?
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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. "the even persuaded me to do more and get cash but i did not want any cash" 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.
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