Posted on: 24th Jul, 2012 01:27 am
Im looking for a few more opinions before I take anymore actions concerning my VA re-fi. Heres my situation: Last December I contacted a mortgage broker to re-fi a Va loan that Ive had since 9/08. I provided all the info and documents they needed. An appraisor was sent out and did an exterior only appraisel. My home appraised $3,000 less than what was needed to roll the closing costsinto the refi. I questioned why they only did an exterior appraisel. They stated that the VA only required an exterior appraisel. Since appraisels are so subjective these days I demanded another full appraisel. The full appraisel worked to my advantage. So i thought all was good. Then they came back and said that the second bank that bought out my mortgage hadnt reported any of my payments and that the VA mortgage investor they were using needed 6 mos of payment history. They made me wait 6 mos (till June) so that I could send them proof I was paying. Once that happened the broker agent comes back and says the appraisel which they ordered, and approved, back in February was no good. The agent said that due to new rule changes that the investor had to order the appraisel. By this point, 8 mos after starting the refi, Im getting pretty impatient and I asked the agent who the investor was. She has now ignored me 3 times and not revealed the investor even telling me at one point that they werent sure if the rep was able to speak to me. Today the new appraiser contacted me and I asked him who he would be reporting the appraisel to. He told me and also said that the order was for a conventional loan and not a VA streamline. Seems aweful fishy to me. Any ideas or advice you all could give to me would be much appreciated .
As the new appraiser has told you about conventional loan, you should immediately contact the lender and clarify the whole matter. You can even take the help of a real estate attorney and take his opinion in this regard.