Question in the order of a inflated mortgage done on my town home 1 year ago.?
Only serious answers please!
I took out a HELOC 1 year ago and the appraisal showed up at 220k, i have a 1st mortage at 135k. At that time i had a 2nd at 45k. What they did be pd off my second, payed some cc debt and medical bills totaling out to be 70k. "the even persuaded me to do more and attain cash but i did not want any cash" The goal be to prepare me to refinance my 1st mortage that is a ARM and has familiar 4 pts.
Now i am ready to refinance my 12% 1st, passed the credit scoring part ect afterwards had a appraiser comeout---well he came up near 185k. nice guy and explained it to me with me being concern next to the value 220k last year. he looked into it for me and told me no route that should have been valued at 220k, if a apprasial would enjoy been done then should enjoy been 183k. I called the mortage company that holds both loans and they will do zilch I explained my situation about that appraisal, they told me they used a AVM and there must own been a glitch.
Answers:
So what total are you at within loans? 135+70=205?
Sounds like you need to obtain away from Countrywide, as they don't appear to be helping you. I would look at a mortgage broker and/or another lender to see if they can come up with a creative solution -- a FIXED rate loan for the appraised value and a HELOC to create up the difference to get you to 205. If you can't get that to work, you can try Prosper.com to gain a loan to bridge you between the appraised value and the total amount you owe. I'm pretty sure you can do much better than 12% on Prosper. Good luck.
Get away from Countrywide as fast as you can!! You don't enjoy to refinance with them!! Go to another lender and tell them of your predicament. Let them know what you necessitate your appraisal to be and tell them if it appraises out at that number you will refinance with them. I did it and it worked out fine!!
I'm a mortgage loan officer and I have done millions of dollars of business beside Countrywide. They do use an automated appraisal system that may use homes in your area that aren't really comparable. In other words, it's not extremely accurate! Unfortunately, there is nothing Countrywide can do almost it. Your only hope would be to refinance your first through Countrywide and get another favorable AVM worth. You can also do the same thing through a broker that works next to Countrywide and you may get a better rate than going through Countrywide directly. Source(s): mortgage loan officer for a wholesale mortgage broker
This is an easy one. Not adjectives appraisers are created equally. An appraisal is someones best guess. I use some appraisers that come in high, some that come contained by low. It sounds like your appraiser took the high side of the souk at that time. It doesn't mean that it was inflated. They still enjoy to be able to show comparisons with other houses. That doesn not denote just in your nouns. They go from a few block to a few miles. You can use 5 different appraiser and get 5 different answers. You do not enjoy to use the banks appraiser. Use your own and see if your bank will adopt it. If they don't go to a different bank or mortgage broker. Someone should adopt it.
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I took out a HELOC 1 year ago and the appraisal showed up at 220k, i have a 1st mortage at 135k. At that time i had a 2nd at 45k. What they did be pd off my second, payed some cc debt and medical bills totaling out to be 70k. "the even persuaded me to do more and attain cash but i did not want any cash" The goal be to prepare me to refinance my 1st mortage that is a ARM and has familiar 4 pts.
Now i am ready to refinance my 12% 1st, passed the credit scoring part ect afterwards had a appraiser comeout---well he came up near 185k. nice guy and explained it to me with me being concern next to the value 220k last year. he looked into it for me and told me no route that should have been valued at 220k, if a apprasial would enjoy been done then should enjoy been 183k. I called the mortage company that holds both loans and they will do zilch I explained my situation about that appraisal, they told me they used a AVM and there must own been a glitch.
Answers:
So what total are you at within loans? 135+70=205?
Sounds like you need to obtain away from Countrywide, as they don't appear to be helping you. I would look at a mortgage broker and/or another lender to see if they can come up with a creative solution -- a FIXED rate loan for the appraised value and a HELOC to create up the difference to get you to 205. If you can't get that to work, you can try Prosper.com to gain a loan to bridge you between the appraised value and the total amount you owe. I'm pretty sure you can do much better than 12% on Prosper. Good luck.
Get away from Countrywide as fast as you can!! You don't enjoy to refinance with them!! Go to another lender and tell them of your predicament. Let them know what you necessitate your appraisal to be and tell them if it appraises out at that number you will refinance with them. I did it and it worked out fine!!
I'm a mortgage loan officer and I have done millions of dollars of business beside Countrywide. They do use an automated appraisal system that may use homes in your area that aren't really comparable. In other words, it's not extremely accurate! Unfortunately, there is nothing Countrywide can do almost it. Your only hope would be to refinance your first through Countrywide and get another favorable AVM worth. You can also do the same thing through a broker that works next to Countrywide and you may get a better rate than going through Countrywide directly. Source(s): mortgage loan officer for a wholesale mortgage broker
This is an easy one. Not adjectives appraisers are created equally. An appraisal is someones best guess. I use some appraisers that come in high, some that come contained by low. It sounds like your appraiser took the high side of the souk at that time. It doesn't mean that it was inflated. They still enjoy to be able to show comparisons with other houses. That doesn not denote just in your nouns. They go from a few block to a few miles. You can use 5 different appraiser and get 5 different answers. You do not enjoy to use the banks appraiser. Use your own and see if your bank will adopt it. If they don't go to a different bank or mortgage broker. Someone should adopt it.
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