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 Posted: Thu Jul 05, 2007 9:23 pm Subject: Mortgage/legal question |
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Long story here y'all, please bear with me. DH and I bought our first home in oct of 2003. It appraised as a single family home at 15k above asking price. We recently tried to refi and the appraiser told us he had proof from the courthouse that our home is actually 2 singlewides attached, rendering it worthless (this isn't true). I've been paying taxes and insurance on a single family dwelling. What can I do? If what he said is true, then we are up a creek. Could I get in trouble for mortgage fraud? All of the paperwork I have from the sale states it's a home, not a mobile home or 2.
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saraheba
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cajunbulldog
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| Posted: Fri Jul 06, 2007 8:00 am Subject: |
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Check with your title insurance also
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ramj70
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| Posted: Mon Jul 09, 2007 7:17 am Subject: |
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Thanks for the reply y'all! I have left a message for the attorney who handled the closing.
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saraheba
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| Posted: Mon Jul 09, 2007 8:31 pm Subject: |
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Check with your county tax office as well. That will show you how they have it listed. Mortgage fraud is generally committed by the mortgage companies, and appraisers. I was involved in a case recently in which CountryWide (a notorious "subprime" lender) tried to manipulate the price of a home. They tried to get by with having their appraiser "appraise" the home without ever setting foot on the property. Appraisers are like collectors, there are many you are not to trust.
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He who has freed himself of the disease of "tomorrow" has a chance to attain what he came here for. --G. I. Gurdjieff (1872-1949)
The science is in knowing, the art is in perceiving - Robert Fripp (1946-)
Ever get the feeling you've been cheated? - Johnny Rotten (John Lydon) (1956-)
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LawStudent
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| Posted: Tue Jul 10, 2007 7:46 am Subject: |
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Just to add to Lawstudent's advice,there are normally two types of appraisals on a property.My understanding from my bank is long form & short form.Short form is basically a drive by comparing other properties to yours.The long form usually costs more but is worth it in most cases.They go to your home and do individual measurements and survey for any additional feautures that could add value. If you are getting ready to build,they would meet with your builder to go over blueprints with proposed feautures.Be careful of predatory lenders and appraisers.
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Cajunbulldog
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com/forums/about216.html
Use this letter to protect your rights under the FDCPA
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cajunbulldog
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