Refinance Mortgage Comparison
can I sue mortgage lenders for fraud?
We closed our homeloan at a home we built 3 months ago and final assessment was $ 245.000, which is what it should be around for approval when we were borrowing $ 190.000. we already owned the land before building. After closing time we went to refinance with a Another company that has approved us for the low rate of only one thing was wrong … appraisal came in at $ 160,000. Needless to say we were shocked when seemingly our homes depreciated $ 85,000 in 3 months! After having gone through initial assessment, we found many erroneous presumed home values used for comparisons, and a bloated value of our land already owned, and when I contacted the lender said that the agent was fired for questionable practices, and that was it. Soon after they sold my loan to another company, which was also shocking because the bank boasted about how they dont sell their loans. can I sue for this or what? what type of lawyer? Any help would be great
The first thing I would do is contact your attorney general's office and see if there have been no complaints about the people you originally worked with the builders, appraisal firm, and I assume it was a mortgage broker, but it could have been a lender also. Attorney General's office will also be very helpful to recommend what to do and they can even consider it or may know of a class action suit to sing along to. Unfortunately, you are not the only one this happens to. It seems there are usually more than one person involved in the transaction to make this fraud stuff through unnoticed, as a mortgage broker and a appraiser being related as an example. Other information to gather would be an estimate to build your home at the end figures. Maybe find out about other housing contractor have done. One of the "guilty" would be the appraiser, if it really was "permanent." I will even show a 3rd appraiser the two assessments and see what they say. Many times they also have a lot to say who can help. Good luck!