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Is it legal for a mortgage refinance company to change the appraisal amount? They picked the appraiser and now don't want to go with the appraised amount and instead lower it by $50,000.

eric1 · Posted: Thu Jun 11, 2009 7:29 pm Post subject:

Yes this is legal. It happens a lot now. Lenders are nervous about the appraised values and think those values will continue to decline. So, they build in a little protection for themselves by altering the value.

jameshogg · Posted: Thu Jun 11, 2009 7:50 pm Post subject:

Hi kbsandiego,

As far as I know, the mortgage company should go by the appraised amount quoted by the appraiser. I think you should speak to your lender in this regard and clarify the issue. You may also contact an attorney and take his opinion in this regard.

Thanks

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

kbsandiego

Welcoem to the forum

In this market situation things are chngign very quickely and probably some thign might have triggered them to apprise it for alower value

CHeck out in yru area and find out the recent sales of similar home and that coudl have somethign to do with your situation

Good luck and feel free to ask

gmakerley · Posted: Fri Jun 12, 2009 7:48 am Post subject:

lenders always review appraisal reports with a critical eye. if something doesn't fit quite right when an underwriter reviews the report, it is not at all unusual for the value to be downgraded. as noted above, this is a wacky market, and lenders are ever more conservative.

if it was your money, you'd be careful too.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

Appraisal review, and now with the new HVCC appraisal guidelines for conventional mortgages this is happening even more frequently. The buzz is that eventually HVCC will make its way to the FHA market, lets hope not, it kills more deals then it helps

gmakerley · Posted: Fri Jun 12, 2009 8:04 am Post subject:

you're right brian...the service (nonservice really) we get is atrocious. and it kills us when we have thoroughly ethical relationships with appraisal firms and we have to change over to this unwieldy and confusing new system. let's all pray that fha stays independent of this new rule.

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