Posted on: 06th Apr, 2010 11:15 am
so we have been preliminarily approved for refinancing our wf loan with the making home affordable loan program, which allows for no appraisal necessary and higher loan to income ratios. so now, we get a call saying that because we are in a disasater location area, as declared by the recent fema disaster programs, having just been declared on 3/26, due to the heavy flooding in our region (did not affect us at all), they are requiring us to get an appraisal to make sure our property is in good condition. this will set us back $384, which we don't really have.
we started the loan process in the middle of march, and our loan is already with wf, so the risk is the same to them whether we refinance or not. there is nothing in the program promotions that say "no appraisal fee barring any natural disasters" or similar.
does anyone think it would be possible to ask them to pick up the cost of the appraisal, or to make an exception given that our existing loan is already with them?
we started the loan process in the middle of march, and our loan is already with wf, so the risk is the same to them whether we refinance or not. there is nothing in the program promotions that say "no appraisal fee barring any natural disasters" or similar.
does anyone think it would be possible to ask them to pick up the cost of the appraisal, or to make an exception given that our existing loan is already with them?
Hi mvarsen,
You should negotiate with your lender and request them to pay for the appraisal. It will depend upon the lender's discretion whether or not he would accept your request.
Thanks
You should negotiate with your lender and request them to pay for the appraisal. It will depend upon the lender's discretion whether or not he would accept your request.
Thanks