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Here is why it does make sense: Mortgage brokers can be twisted sometimes and they take a puffy appraisal so that they can get more points on a loan. But when it comes to a price someone will pay for the property- good luck find a buyer.
Here's why it doesn't make sense: People need to wake up and realize that what goes around comes around and that what they reap is what they sow. God is a God of justice and will not be mocked.
It sickens me when mortgage brokers are dishonest to make a dollar.
And this is a perfect example of their exposure. I hope they're embarrassed and hear their conscience.
Unfortunately that's just the way it is. Good luck with your situation.
You do have other options in the above case... you may qualify for the Home Affordable Refinance program and/or be able to refi into an FHA loan, which has only a 3.5% equity requirement.