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Home appraisar with modification request

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rosesolis6 Joined: 26 Jan 2009 Posts: 5 2.40 Dollars($)	Posted: Tue Feb 10, 2009 10:52 am    Post subject: Home appraisar with modification request Like 0 Dislike 0 My lender is asking for a home appraisal, can I just forward comps or does it have to be full blown home appraisal, I'm not asking for refinance just modification of my loan.
apexoffice Moderator Joined: 09 Jul 2008 Posts: 192 Location: Atlanta, GA 55.87 Dollars($)	Posted: Tue Feb 10, 2009 1:19 pm    Post subject: Like 0 Dislike 0 You will probably need an appraisal. An appraisal takes much more than just "comps" into account. Plus, it is also necessary for the opinion of value to come from an independent and unbiased third party that does not have any interest in the property or the loan. _________________ Benjamin Smith Atlanta Area Appraiser
msnover92571 Joined: 10 Feb 2009 Posts: 146 Location: California 0.45 Dollars($)	Posted: Tue Feb 10, 2009 1:30 pm    Post subject: Like 0 Dislike 0 Yes correct you will need an appraisal, It will need to be valued from an outside source. As stated in apexoffice response. Hope this helps.
rosesolis6 Joined: 26 Jan 2009 Posts: 5 2.40 Dollars($)	Posted: Tue Feb 10, 2009 1:49 pm    Post subject: Appraisal Like 0 Dislike 0 So even though I'm only doing a modification, which the banks can turn down, and I'm out couple of hundred dollars.
msnover92571 Joined: 10 Feb 2009 Posts: 146 Location: California 0.45 Dollars($)	Posted: Tue Feb 10, 2009 1:52 pm    Post subject: Like 0 Dislike 0 How much is ur house currently worth? And how much are you hoping it gets appraised for?
rosesolis6 Joined: 26 Jan 2009 Posts: 5 2.40 Dollars($)	Posted: Tue Feb 10, 2009 2:01 pm    Post subject: Like 0 Dislike 0 I owe 351, comps around my home is 220 so I'm under.
msnover92571 Joined: 10 Feb 2009 Posts: 146 Location: California 0.45 Dollars($)	Posted: Tue Feb 10, 2009 2:27 pm    Post subject: Like 0 Dislike 0 and your trying to get it refinanced correct?
rosesolis6 Joined: 26 Jan 2009 Posts: 5 2.40 Dollars($)	Posted: Tue Feb 10, 2009 2:35 pm    Post subject: Like 0 Dislike 0 No, I'm asking my lender who is Nationstar mortgage to modify my loan, due to financial loss, they are asking me to get my home appraised which I hate doing because of the cost involved, basically if they modify my loan then great but if they refuse then I'm out money!
eric1 Community Expert Joined: 04 Jan 2009 Posts: 1511 226.89 Dollars($)	Posted: Tue Feb 10, 2009 6:11 pm    Post subject: Like 0 Dislike 0 They want the appraisal to see what the true value is. I think in your case they may be willing to work with you. If you are correct and your value is more than 100k less than the loan amount, then they DONT want to foreclose and lose that money. It is in their best interest to find a way for you to repay that loan. _________________ Eric JFree Rate Quote, Stated Income Loans FHA RATE QUOTE Mortgage Rate Quote
Rosemarie Guest	Posted: Tue Feb 10, 2009 7:44 pm    Post subject: Like 0 Dislike 0 Thank you, eric1, I will go ahead with the appraisal and hopefully they modify my loan so it's more affordable.

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