Supporting, Informing & Connecting People in Foreclosure

Appraisal problem

Yes, I know, everyone has a story about a bad appraisal. In my case, I have an expert forensic appraisal review that confirms this fact beyond any doubt, and the discrepancy is over $400,000. And while the bank accepted this appraisal to grant our mortgage, the disclosures they sent us have a very different set of numbers on the land and construction costs than what the appraisal stated.

Yes, I have a good attorney. In medicine he would be an excellent General Practitioner, but I need a brain surgeon so to speak. Or, I need someone who can consult with my fine attorney on exactly how to attack the above misrepresentations and/or fraud.

Any appraisal experts out there? Or anyone who can explain what laws the bank violated in underwriting standards?

Not sure what I can offer in return at this point, but will promise to give back substantially to this fine website in any way I can help.

Drop me a note... discretion and confidentially promised.

Thank you.

Tags: appraisal, bank, fraud

0 members like this

▶ Reply to This

Replies to This Discussion

Permalink Reply by 2 Pirates over 40 on October 5, 2010 at 9:58am

What state are you in ? ,And have you filed a formal complaint with your states appraisal board against the appaiser ?
There is a time statue of limitations for filing against the appaiser.

▶ Reply

Permalink Reply by Anthony Bass on October 5, 2010 at 10:27am

Pirates, I'm in Fla and no, have not yet filed complaint with State Regulatory Board or the OCC (was a national bank). Delays were due to family disagreements on how to proceed, but if statutes of limitations not exceeded I plan to soon.

▶ Reply

Permalink Reply by 2 Pirates over 40 on October 5, 2010 at 12:59pm

First of all I would file a formal complaint with the DBPR that licenses the appraiser, listing as much info as you can. That process alone will take about 10-12 months .They will assign the case to a investigator , if the case has merit, they will proceed with your complaint. In the end they can sanction, fine ,etc. the appraiser. If the case goes to a hearing , ask that you can speak at that hearing so you can tell the final board what impact the faulty, over inflated appraisal has caused to you and your family, credit ,etc.
You can also file a formal complaint against the realtor or realtors if you had one.
Second while this complaint is ongoing Hire a Attorney..........