Hi, the appraisal can be challenged. The best way to do it is provide comps that you feel are closest to and similar to the subject property. The appraisers job is to use comps as close as possible to the subject home.
The first thing that will happen after a few months is they will start foreclosure preceding. Your credit will start to take a hit from the first month and beyond. The foreclosure process will take a while but your credit will be even worse. I would suggest to call the bank to see what can be workout, some banks may not even inclined to talk to you if you are not behind on your mortgage.
I donâ€™t understand it because they rewarded you for bad behavior. However, if you can afford the mortgage, you have a responsibility to pay it.... more
Keep in mind that prices do vary, therefore if interested in purchasing in the near future consider working with an agent of your own, who can provide any necessary information; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.... more