Posted on: 01st Mar, 2010 05:52 pm
I refinanced my investment condo in 12/07. The housing market was already in decline and my two mortgages were killing me so I spoke with a mortgage "expert" and advised me that an Option Arm might help me through the next couple of years.
My original appraisal was for about $215,000 in 12/06 but when I refinanced it the same appraiser came back at $230,000 in 12/07 with WAMU. (I elected to use same appraiser that originally appraised the unit).
By the way, this same apprasier was the appraiser that the condo conversion developer's lender used).
There is PMI on the refi'd loan. Now, instead of owing $207,000 which was amount of refi (no cash back, of course), I owe them $216,000 and still growing. I pay the minimum every month as thats all I can afford.
Now my condo is in short sale status and I believe that Chase (who took over WAMU) is ready to approve it. My concern is that the PMI company may step in at the very end with their hand out. I believe the BPO came in very, vey low. Somewhere around $40,000 and they are willing to accept the offer of the same that is now in house.
My attorney is waiting in the sidelines if this occurs as my capable realtor is doing the negoatiation until that happens.
My question, is there any way I can do my own appraisal investigation to make certain that there was no elevated apprasial here?...Because if there was and the PMI company steps in, that would void the lender's claim to PMI if I can prove that they were not prudent in closing this loan with discretion and obligation.
Any advise is appreciated and I can give me specifics if necessary.
Thanks!
My original appraisal was for about $215,000 in 12/06 but when I refinanced it the same appraiser came back at $230,000 in 12/07 with WAMU. (I elected to use same appraiser that originally appraised the unit).
By the way, this same apprasier was the appraiser that the condo conversion developer's lender used).
There is PMI on the refi'd loan. Now, instead of owing $207,000 which was amount of refi (no cash back, of course), I owe them $216,000 and still growing. I pay the minimum every month as thats all I can afford.
Now my condo is in short sale status and I believe that Chase (who took over WAMU) is ready to approve it. My concern is that the PMI company may step in at the very end with their hand out. I believe the BPO came in very, vey low. Somewhere around $40,000 and they are willing to accept the offer of the same that is now in house.
My attorney is waiting in the sidelines if this occurs as my capable realtor is doing the negoatiation until that happens.
My question, is there any way I can do my own appraisal investigation to make certain that there was no elevated apprasial here?...Because if there was and the PMI company steps in, that would void the lender's claim to PMI if I can prove that they were not prudent in closing this loan with discretion and obligation.
Any advise is appreciated and I can give me specifics if necessary.
Thanks!
Hi stevemia!
Welcome to forums!
You can contact an independent appraiser and appraise your property once again to know the value of your house. This will help you in knowing whether or not there was an elevated appraisal.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can contact an independent appraiser and appraise your property once again to know the value of your house. This will help you in knowing whether or not there was an elevated appraisal.
Feel free to ask if you've further queries.
Sussane
I dont care about the value now...Im asking if there is a way to backtrack and check values or cma at the time the appraisal was performed in 12/07 to investigate whether it was inflated at the time.
Stevemia,
You have a couple of options. You could have a retrospective appraisal completed which an appraiser will give you an independent valuation based on the effective date of the previous appraisal. Otherwise you could also provide a copy of the appraisal to another appraiser and ask them to compete a review on it. This means they would check the previous appraisal for any technical errors as well as express agreement or disagreement with the other appraiser's value. This option is often more expensive since they are often doing more work than just an appraisal, but it may be a better option for your needs.
You have a couple of options. You could have a retrospective appraisal completed which an appraiser will give you an independent valuation based on the effective date of the previous appraisal. Otherwise you could also provide a copy of the appraisal to another appraiser and ask them to compete a review on it. This means they would check the previous appraisal for any technical errors as well as express agreement or disagreement with the other appraiser's value. This option is often more expensive since they are often doing more work than just an appraisal, but it may be a better option for your needs.
