 kslye
Joined: 16 Jun 2009
Posts: 2
2.41 Dollars($)
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 Posted: Tue Jun 16, 2009 9:12 pm Post subject: What can I do about a mis-appraisal? |
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| I applied for a refinance with BofA in February and paid to have an appraisal done myself. I hired a super-qualified specialty appriaser (is one of the best around, head of the fraud task force, and a special magistrate for the county property appriaser) who charged me nearly $1000 to do an exceptionally good appriasal (25 pages, took 3 weeks to do). BofA gave my refi to a person who went on a vacation for a month, then it was passed through several other people who shoved it to the bottom of a pile, and three months later (despite my calling and asking about it nearly every week) it was just cancelled for lack of BofA having the manpower to process. I complained and BofA agreed to reopen my application but said I now needed a new appraisal because the other one was now "outdated" and they insisted on sending their own person from LandSafe. They sent a woman who has had four sanctions on her appraisal license from the State, recently declared bankruptcy, had felony convictions, and had no idea what she was doing. She showed up for 3 minutes, complained non-stop about how hard it would be to do my appraisal, and sent BofA an appraisal two days later that was 22% lower ($50K) than the one I had done three months earlier. Now BofA wants me to front nearly $30K to have the refi go through because the LTV is so much lower. Is there a way to force BofA to honor the first appraisal or have them redo the appraisal? |
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