hopefully the bank paid for the appraisel. Id use the appraisel to lobby for a refund on my property taxes and in the meantime call my lender and ask about the HARP assistance in which they will loan up to 125% of the appraised value.(hopefully the existing loan is with Fannnie or Freddy). If not, try and stay in tune with new developments from the feds....ie, progams yet to come, and they will. I know its frustating, but you'll make it. Ive been working with banks durring the past 3 years and have evaluated many properties for them. I'd be glad to evaluate your home free of charge, you may find the appraiser, although hard to hear, was right or at least alot closer than you thought. Hang in there though, you'll get the lower rate soon!
Coldwell Banker Residential Brokerage
4000 Legato Rd.
Fairfax, Va. 22033