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I paid for a home appraisal,as part of the upfront fees for a refinance loan. At the last minute,they said that my home has lost enough value,that I would have to buy federal home loan insurance.This would make the new payment more than the combined 1st and 2nd mortgage payment.I did not close on the loan.I asked them to send me the home appraisal,as I would use it to try to get my property taxes lowered.They said that they would send it,however it has been over a month and I have not recieved it. Do I have any kind of recource to get them to send it to me.
The morgage company say that the home appraisal was not part of the upfront fees.They say that the upfront fee was for application fee and credit check.
Last edited by kenco80233; 12-15-2008 at 10:24 AM..
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,845,674 times
Reputation: 958
Did you ever get a full application and disclosure package? We are required to send one out within 3 days of pulling credit. There is a page in there disclosing your right to receive a copy of the appraisal. If they have not gotten it to you upon request you may have the option of contacting the NV mortgage lending division. I would probably try and contact them again before you go that route. If they are not cooperative you could contact MLD and ask them specifically about any recourse. You could also try and contact the appraiser directly although I don't know if they are allowed to give you a copy.
I read in the diclosure that they have the right to charge me for it. I mistakeingly thought that was included in the upfront fees.I was planning on appealing my property tax valuation,because it shows my home value about $100,000 less than the county has it valued now.
According to them,I did not. I paid$349.upfront which I thought included a home appraisal.When I declined the loan,they said they would send it.As it was all done by phone,I can't prove what was said.I learned a valuable lesson about negotiating a mortgage by phone.
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,845,674 times
Reputation: 958
Unfortunately you have no right to receive a copy of the appraisal if you did not pay for it. Perhaps next time (if there is a next time) you should seek out a lender or broker that does not charge an application fee and has you pay the appraiser directly.They should honor their word, but you have no recourse.
I asked them to send me the home appraisal,as I would use it to try to get my property taxes lowered.
That is not an intended use of the appraisal and it may not be acceptable.
Quote:
Originally Posted by kenco80233
They said that they would send it,however it has been over a month and I have not recieved it. Do I have any kind of recource to get them to send it to me.
RESPA REQUIRES them to provide you with a copy of the appraisal report, regardless of who paid for it. It is part of your financial package and you have a right to receive it. There are some states where it is illegal for you to pay the appraiser, it must be paid for by the lender. Others simply require the lender to order it.
Send the lender (NOT the appraiser) a written request for it. I would send it certified mail, return receipt requested, and if they don't provide you with a copy of it, file a complaint with your state's banking commission.
how did you pay for the appraisal? credit card? if so, contact your credit card issuer.... check or cash? you may have a problem.
You are the reason I don't take credit cards.
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