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Luckyjoejohn · Joined: 06 Aug 2009 Posts: 1 1.42 Dollars($)

I was told by my lender that to get my re-finance started I would have to put 750.00 ,350.00 for the appraisal and the balance of the 750.00 that I paid with my credit would be deposited back to my credit card.
The re-finance was not approved because the home value came back at 218,000.00 and the re-finance loan was for 244,000.00, it failed I am out the 350.00 that I paid for the appraisal that Chase my lender picked and I am still waiting for Chase to deposit the 400.00 ,so far it hasn't been done.
I have e-mailed the loan processor a number of times with no answers to my questions. What can I do in this situation if the money is not deposited like promised to my card account?

gmakerley · Posted: Thu Aug 06, 2009 2:07 pm Post subject:

appraisals are done by third parties. borrowers are charged for appraisals. they must be paid in advance because all too often they don't get paid for their work if the bank is negligent in collecting from borrowers.
that's all there is to that part of the issue.

now the bank is being negligent in compensating you for the $400 additional that they charged you. stop emailing and call them, and don't settle for the processor. go for a supervisor and tell them they're forcing you into a situation where you'll have to dispute the charge. i bet they'll pony up quick.

JKennedySLG · Posted: Mon Aug 10, 2009 12:28 pm Post subject:

What was the reasoning behind asking for the additional $400 when ordering the appraisal? As George stated, make attempts to get in contact with someone with the abilities to get you your refund. It still puzzles me as to why some places have practices like this.

livinginnky · Posted: Mon Aug 10, 2009 12:39 pm Post subject:

The extra $400 puzzles me as well...

however the $350 does not. I require borrowers to pay this in advance as well and in most states, thank your lawmakers, for the appraisal process. The computer chooses the appraiser.

When you are dealing with a Loan Officer they are helping you with your mortgage and most are experts at doing so... we are not appraisers... therefore you can't expect them to know what the value of your home is... unless you told them what it was worth and they pushed you to "try" anyway.

Also keep in mind that many loan officers are commission only employees and if you don't pay for the appraisal, then the loan officer has to personally... meaning out of there individual pocket not their company they work for.

eric1 · Posted: Mon Aug 10, 2009 4:45 pm Post subject:

My guess is the additional $400 was an application fee.

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why upfront fees for 350.00 appraisal ?