Posted on: 28th Oct, 2010 07:26 am
i bought two family house in nyc 2009 for 585k, i love the house property very much so i put over 150k to fix entired house. i figure it would be valuable. i want to refinance my home 2010 for better rate with the same bank holding my mortgage. they denied my application after appraisal said that it was 2 families houses and value is 555k. i was frustrated to see how come they have huge discrepancies, when i check up original appraisal was approved for 3 families house i was in shock, that they did it to inflated the price and defrauded me, the bank knows it was 2 families house through public data. now i'm stuck in a bind that i can't refinance.
what is really upseting me it is the same bank that does thing wrong and yet doesn't correct itself. i am not looking for money, al i simply want is a lower interest rate that i am seeking for.
should i sue the appraisal? the bank? any suggestion?
what is really upseting me it is the same bank that does thing wrong and yet doesn't correct itself. i am not looking for money, al i simply want is a lower interest rate that i am seeking for.
should i sue the appraisal? the bank? any suggestion?
Which appraisal are you complaining about - the right one, or the wrong one? What would you aim to accomplish in suing if you were successful (you won't be, by the way).
And because you brought it up, which appraiser are you thinking of suing? Have you discussed this idea of a lawsuit with any legal professional to see if it might be worth your trouble? That might just be a good idea.
And because you brought it up, which appraiser are you thinking of suing? Have you discussed this idea of a lawsuit with any legal professional to see if it might be worth your trouble? That might just be a good idea.
I agree with George, you may want to discuss your options with an attorney. There is too little information for us to give you an opinion on fault, but even then, I would not provide legal advice.
Just sounds like a disgruntled borrower that failed to consult with an Appraiser before spending money on a two unit apartment building.