Mortgage Appraisal News
Anyone hear of this?
Three years ago I got a cash out refinance to pay bad credit cards, and medical bills. I got 62k for all of this. In exchanged I got a arm and this last year it adjusted to 14%. I am stuck I tried to refinance and found out that I am upside down by 70k. I took it to my realtor that sold my house and he discovered they inflated the appraisal by 50k and showed my income as double. He referred me to a lawyer, this lawyer looked at it and said there is a good case. My lawyer has been working on this for a few weeks, he called me tonight with some good news. He had a conference call with the mortgage companies executives/lawyers today and they agreed to refinance the home on today’s appraised value, the difference I am upside down they are going to eat the difference. I am suppose to go see my lawyer tomorrow on this. Anyone ever hear of this. i owe 300k and the home is worth 210k now the company is going to eat the 90k, plus pay for all closing fees. ect.my payment will be much smaller
Boy,, someone got the tail in a crack.. Your attorney must have found some type of bank felony here,,, Can’t imagine them forgiving you that much money though…
Kiss your lawyer,, even if he/she is ugly as a pug
Real Estate Appraisal Explanation from Quicken Loans
Talisman 6 Finance – Valuation Update
Talisman 6 Finance – Valuation Update
The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal News. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal News
I have an ARM Mortgage loan that is set to expire in August?
We tried to refinance and our appraisal came back lower that what we owe on the house so they said we were out of luck.
The only piece of good news was that I don’t have a pre payment penalty if I went somewhere else.
I’m really nervous because I can’t afford for my payments to go up. Any suggestions.
You cannot refinance, even somewhere else if you owe more than your house is now worth, according to the appraisal. For example if you owe 200,000 and the house is now worth 175,000, you are not going to be able to refinance the whole amount.
I agree to check your paper work and see the terms of your current loan and hope that things change before August.