Inflated appraisal need advice?

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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.

Inflated appraisal need advice?

Unfortunately these thing happen in the mortgage industry. At the same time, the market has changed and housing values have leveled out and in some areas even dropped (I don't know where you live and am not saying that is what happened to you). For the most part your hands are tied as far as any recourse goes. You "were persuaded", but you also had the option of not signing the documents at the closing table --- until you got what you wanted, instead of what they wanted to give you. I would try to refinance the 1st mortgage and subordinate your HELOC at least that would get you into a fixed rate on your first mortgage.

Inflated appraisal need advice?

It's odd that last years appraisal is less than this years. You need to look at the appraisers comps. What did he use? I've seen some pretty odd comps used by appraisers.

Inflated appraisal need advice?

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