Mortgage/legal question

Date: Thu, 07/05/2007 - 21:23

Submitted by saraheba
on Thu, 07/05/2007 - 21:23

Posts: 26 Credits: [Donate]

Total Replies: 5

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.

Sara it would be best to contact your lender to inquire into thi

Sara it would be best to contact your lender to inquire into this matter. If you are not satisfied,consult a real estate attorney.

lrhall41

Submitted by cajunbulldog on Fri, 07/06/2007 - 04:33

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Check with your title insurance also

lrhall41

Submitted by ramj70 on Fri, 07/06/2007 - 08:00

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Thanks for the reply y'all! I have left a message for the attorn

Thanks for the reply y'all! I have left a message for the attorney who handled the closing.

lrhall41

Submitted by saraheba on Mon, 07/09/2007 - 07:17

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Check with your county tax office as well. That will show you h

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.

lrhall41

Submitted by Law Student on Mon, 07/09/2007 - 20:31

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Just to add to Lawstudent's advice,there are normally two types

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.

lrhall41

Submitted by cajunbulldog on Tue, 07/10/2007 - 07:46

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