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 rosesolis6
Joined: 26 Jan 2009
Posts: 5
2.40 Dollars($)
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 Posted: Tue Feb 10, 2009 10:52 am Post subject: Home appraisar with modification request |
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| My lender is asking for a home appraisal, can I just forward comps or does it have to be full blown home appraisal, I'm not asking for refinance just modification of my loan. |
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apexoffice
Moderator
Joined: 09 Jul 2008
Posts: 104
Location: Atlanta, GA
35.70 Dollars($)
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| Posted: Tue Feb 10, 2009 1:19 pm Post subject: |
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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
Apex Appraisals & Consulting, LLC
www.appraisalapex.com |
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msnover92571
Joined: 10 Feb 2009
Posts: 145
Location: California
0.45 Dollars($)
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| Posted: Tue Feb 10, 2009 1:30 pm Post subject: |
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| Yes correct you will need an appraisal, It will need to be valued from an outside source. As stated in apexoffice response. Hope this helps. |
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rosesolis6
Joined: 26 Jan 2009
Posts: 5
2.40 Dollars($)
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| Posted: Tue Feb 10, 2009 1:49 pm Post subject: Appraisal |
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| So even though I'm only doing a modification, which the banks can turn down, and I'm out couple of hundred dollars. |
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msnover92571
Joined: 10 Feb 2009
Posts: 145
Location: California
0.45 Dollars($)
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| Posted: Tue Feb 10, 2009 1:52 pm Post subject: |
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| How much is ur house currently worth? And how much are you hoping it gets appraised for? |
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rosesolis6
Joined: 26 Jan 2009
Posts: 5
2.40 Dollars($)
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| Posted: Tue Feb 10, 2009 2:01 pm Post subject: |
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| I owe 351, comps around my home is 220 so I'm under. |
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msnover92571
Joined: 10 Feb 2009
Posts: 145
Location: California
0.45 Dollars($)
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| Posted: Tue Feb 10, 2009 2:27 pm Post subject: |
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| and your trying to get it refinanced correct? |
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rosesolis6
Joined: 26 Jan 2009
Posts: 5
2.40 Dollars($)
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| Posted: Tue Feb 10, 2009 2:35 pm Post subject: |
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| 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! |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1172
175.82 Dollars($)
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Rosemarie
Guest
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| Posted: Tue Feb 10, 2009 7:44 pm Post subject: |
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| 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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