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  1. #1
    Join Date
    Mar 2012

    Default Mortgage Company and Fraudulent Appraisal

    My question involves a mortgage in the state of: Texas

    My mortgage company approached me with an offer to refinance my home mortgage about 6 years ago. In the process they supposedly had an appraisal done (charged me for it with te closing costs) but never gave me a copy (I did ask for one at closing and was told that I would get one sent - asked again later, and again recently, but never got one). To make a long story short - the current value is (according to THEIR new REAL appraisal) about 65-70% of the previous one. Also when we recently looked at selling our home the realtor told us that the value of the home would NEVER have been even close to the so-called appraisal. I have read of some examples where people were able toget reductions in their mortgages in similar situations, even getting judgements including damages against the companies. The company in question happened to be Countrywide.... only a few weeks ago a whistleblower who previously worked at Countrywide (in the same Plano TX office during the same time period as mine) has accused Countrywide of conducting such practices as a policy. We also received an earlier settlement (very small) because Countrywide made a practice of upping the interest rates aat the last minute on refinance loans like mine (they did that as well to me).

    Do I have a reasonable case to pursue against Bank of America (the successor to Countrywide in holding my mortgage)? What should I do?

  2. #2
    Join Date
    Oct 2009

    Default Re: Mortgage Company and Fraudulent Appraisal

    Re: Fraudulent Appraisal

    The appraisal report(s) that you paid for were for the purposes of a mortgage loan, that is, the bank will use the appraiser's determination of value for determining on how much money they will put at risk for that particular property.

    This is wholly different than a comparitive market analysis (CMA), which is what a real estate broker/agent will provide for you and which reflects their opinion of current market value in your locale.

    A CMA which is different than a mortgage loan appraisal does not render the mortgage loan appraisal fraudulent.

    See this article for more explanation.

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