mortage company lying

[ddanni618]

What is the name of your state? Wisconsin
mortage was refinance in sept 2005. Vaule appriased at 138,000. Now in march 2006 New mortage I wanted to refinance with for lower interest rate says vaule is 110,000. Talk to my mortage loan officer and he said it is okay that it happens sometimes. And that he would have to wait to lower interest rate until the more leanit appraiser comes but on may 1. He then informed me may 1 that she does not come back until may 15. with all of this happening I am now behind on other bills and they want to foreclose on the house. just wondering if I have a case.

[Blue Meanie]

bump**************......

[pojo2]

You may be an early indicator of what is going to become very common in the next bit of time in several areas property values falling.

Was the refi in Sept 05 a cash out to pay bills pr just lower the payments?

Look if you are not paying your bills and the house is about to foreclose you basically can not afford the house and before long you will be looking at a double digit interest rate based on your credit status alone.

What is your current rate, what was it when you refied, and what is the rate you MIGHT get with another refi?

[alent1234]

i just wanted to know how you planned on getting a lower rate this year when rates have gone up?

check zillow for the price history on homes in your neighborhood. Chances are someone sold for low prices bringing your value down.

[ddanni618]

Look I don't think anyone is answering the question or understanding I just want to know if I have a case.

[pty]

Originally Posted by ddanni618

Look I don't think anyone is answering the question or understanding I just want to know if I have a case.

A case for what? To stop the foreclosure? If you’re delinquent the mortgage company can begin foreclosure even if you’re attempting to refinance. If you have some funds that you could pay, then call and ask if they’ll agree to accept what you have and give you additional time to try to complete the refinance. They might or might not. Or did you mean some other type of 'case'? I'm not sure what you're asking.

[pojo2]

Originally Posted by ddanni618

Look I don't think anyone is answering the question or understanding I just want to know if I have a case.

A case for what, as previously ask, to sue and get money so you can save your house from foreclosure with it. Your forclosure and a POSSIBLE action against them are 2 entirely different things.

And how can you get a lower rate with the credit implications of the impending foreclosure?

And as I stated earlier is the appraisal an error from the beginning or a reality many are beginning to face in parts of the country?

So stop whining about our repsonses when YOU will not address our queries of you.

[alent1234]

Originally Posted by ddanni618

Look I don't think anyone is answering the question or understanding I just want to know if I have a case.

two possibilities

last few years appraisals have been extremely "aggressive". In many cases lenders pushed the appraiser to "make the numbers." Now there is pressure for more accurate appraisales. The higher one could have been aggressive.

Second is comps. You could have had either a few sales in your neighborhood to justify the lower values or some foreclosures and then lower bank sales. You will need to check your county public records for any recent home sales.

[ddanni618]

I guess this is not making sense. so here is the full converation that I had with my current loan officer. I called him and told him we are ready to refi. that was the plan we had low credit in sept. and could not get anything better then a 10%. Now we have good criedt. He said yes. Then he called me later that day and expained to me that we had to wait for the lady who appraised the house in sept. to come back from vaction.(this after I have already had to other companies explain to me that the original apprasial must have the wrong vaule.) So I got mad and asked why can't we just have someone else appraise the house and he stated that the lady is more leinent on the vaule of a home. The problem with the foreclosure is not an issue I missed aprils payment by 35 days and they were trying to scare us to come up with the money. the case I am asking is the apprasial being wrong. As for vaule going down are town just stated that property vaule has just raised 9.5% in the last 6 months.

[alent1234]

you have to check your local comps for property values to be sure

use zillow.com