---

do I need to pay for the appriasal when mortgage does not go through

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
niemanhipp Joined: 06 Mar 2009 Posts: 1 1.64 Dollars($)	Posted: Fri Mar 06, 2009 7:25 pm    Post subject: do I need to pay for the appriasal when mortgage does not go Like 0 Dislike 0 I live in texas, and I recently applied to refinance my mortgage, and before the closing, but after the house had been appraised, I lost my job. Thus, I did not go through with the closing. The mortgage company is now telling me that I need to pay for the appraisal. However, when the appraisal was done, the appraisor told me the arrangement for the apprasal was between himself and the bank, and NOT the homeowner. Does the mortgage company have the right to make me pay for the appraisal?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Sat Mar 07, 2009 5:15 am    Post subject: Like 0 Dislike 0 Hi niemanhipp If the arrangement for the apprasal was between the property appraiser and the bank, then the bank should not charge you for the appraisal. You can contact the appraiser and check out if he had any kind of written agreement with the bank that they would pay him for the appraisal. If there is a written agreement regarding the payments, then you will not have to pay for it. If there is no such agreement, then you may have to pay for the appraisal. However, you can contact an attorney and take his/her suggestion in this regard. Thanks. _________________ Good is the Enemy of Great.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Mar 09, 2009 8:04 am    Post subject: Like 0 Dislike 0 in order for your lender to consider your loan properly, an appraisal was required. paying for an appraisal report is part of a borrower's responsibility in the attempt to obtain a new mortgage, whether it's a purchase or a refinance. yes, you are obligated to pay the appraisal fee. the bank did not get an appraiser to go out there frivolously - they did it because you requested a loan from them. the appraiser would not have been hired but for your loan request. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0