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Company Loan Type APR Est. Pmt.

why is my loan being held up?

Posted on: 06th Jan, 2007 02:22 pm
two appraisals done on my home.one lndepent and one by the loan company.the higher amount was questioned and this problem is holding up the closing.why is this?the appraised value by the independent is 420000 and the mortgage co. came in with 290000.thanks
You should contact the appraiser's office and ask for a review of the appraisal that was done. There must have been some error in the assessment of the property's value because of which appraisal value is different.
Posted on: 06th Jan, 2007 02:37 pm
Hi,

If you are not satisfied with the result of the review then you can file a formal appeal for reappraisal of the said property.

Thanks
John Baez
Posted on: 06th Jan, 2007 03:05 pm
Well, it may cost you more but then if you need the loan badly, then you can ask a third party appraiser to review your appraisal.
Posted on: 07th Jan, 2007 03:12 am
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