Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
HomeBanc does not use a middleman company that sends out incompetent appraisers so you will surely get a legitimate appraisal. Unfortunately you can thank your congresspeople for trying to fix the problem with mortgage broker, hand picked appraisers who may have given inflated appraisal values. By requiring an appraisal "management" company to assign appraisers they often go with the cheapest, least experienced appraisers. Because these appraisers are giving up half of their appraisal fee to the mgmt middleman company, they will often give ultra conservative values.
So, try Kristine Breadeau (she's the mortgage lending manager) at HomeBanc and you should be able to get your loan refinanced.
Hope this helps.
I've never been treated so badly by a company before...if I started into all the details I'd be writing for about a day straight. But in case anyone wants another example of what I've experienced then please read on.
For three months the bank utterly ignored my plight. I sent them an eight-page letter filled with missed comps, arguments and questions. You know what they sent me back? A photocopy of my original 2005 mortgage, which answered exactly 0% my questions. They knew that, but it was their way of thumbing their nose at me.
But I'm very stubborn so I sent the same letter to my Congressman (Bill Posey). When Congressman Posey asked for a response then suddenly the bank's corporate office called me up with "great news"--new data indicated I was eligible for refinancing after all. My property value suddenly shot up a staggering $35,000 in just 3 months time--a wondrous feat given the fact that the Florida market continued to steadily fall in that same period. How was this possible? The bank had an unnamed appraiser do a new "drive by" appraisal of my home. Over the phone of course--nothing in writing--and based upon that they offered me a new loan.
Can you imagine if I called up the bank and told them that I had an unnamed appraiser drive by my house, and based on that, with nothing in writing, I declared my home value to have increased nearly 20% in just three months when the market actually declined? They'd still be laughing today. Yet somehow a bank can get away with that? Outrageous.
The bank had to walk a thin line here--with a Congressman asking questions they had to reverse course without somehow admitting to anything wrong with the original appraisal. Having nothing in writing from an unnamed agent was their perfect solution since I had no report to read, scrutinize and compare. Worse still, they were still highly underrating the value of my property--remember an empty field with an acre less of land had sold for $177,500 just two months prior to my written appraisal.
Since I owed $185,000 on my original mortgage, I still couldn't qualify for their new offer unless I brought close to $10,000 cash with me for fees and charges. What a terrible scam--if I took their offer they could just write me off and get nearly $10,000 from me as a bonus. Ugh. I declined their offer as they still will not give me a fair appraisal and an honest loan. The unethical behavior of both companies has cost me the chance to refinance my home and I cannot let them get away with it. I'm just so unsure what to do next or who to turn to.
Anyhow, if someone had advice I'd certainly listen. If not, thank you for the opportunity to vent some frustration over this broken, sad system we're all stuck in right now.
Hold your ground......and make it happen.
I understand that property values have fallen a great deal in my area but that appraisal is just plain wrong. I think I caught them in a catch 22--they didn't want to admit that anything was wrong with the appraisal but the only way to counter the arguments I brought up was to state some things that I can prove are untrue. And if anyone wanted to know more details I definitely have them. All I want from them is honest answers to the questions I posed and fair appraisal! What a nightmare this has been.