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Company Loan Type APR Est. Pmt.

Frustrated with mortgage company and not happy with appraisa

Posted on: 18th Jun, 2009 01:00 pm
went to refinance and everything was good so i was told to get the appraisal done, the mortgage company sent an appraiser out and i paid 375.00. the comps that the mortgage company received prior to the appraisal was 224,000 - 225,000 which is where i needed it to be. the mortgage company was confident there would be no issue.

monday i received a call from the mortgage company that the appraisal was only for 210,000 and at this time there is nothing they can do for me unless i can bring about 5,000 to settlement which i can't.

i don't have a question i just need to vent because i really wanted to go from a 7.5% to a 4.75%, not only did that not happen i ended up spending 375.00 and nothing to show for it.
it's a story that repeats itself all around the country these days. values have dropped, and that affects everyone who attempts to refinance, and of course it's a favorable effect for those who desire to purchase. there's not much anyone can do about it - just wait for the upward correction, i suppose.
Posted on: 19th Jun, 2009 10:10 am
ppalmen,

everywhere person rely on the single word' hope for better'. when one gets disappointed person just moves with another type of hope.Lets hope for better upward correction.

:arrow: :arrow: :arrow:
keep in touch............
Posted on: 22nd Jun, 2009 03:13 am
Incorrectly people think that the Appraisal is done for them. The Appraiser has to be unbiased and just do his or her job. Just because you need a magic number, to bad, tough. The Appraiser may be higher or lower or the same. all you shoud expect is for them to be honest and hardworking and analyze the data properly and if they disagree with you, look in the mirror because maybe just maybe you are the problem and not the Appraiser. To many borrowers think that what they paid or did has something to do with the answer, forget that and look at the majority of the data today, not yesterday or last year or some other point in time. Most people that bought within five years or so are losers in todays economy and are upside down, if that is you, than you are normal.
Posted on: 09th Feb, 2010 03:19 pm
it's a harsh reality, but that's the facts, jack.
Posted on: 10th Feb, 2010 05:57 am
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