Mortgage company playing games need some advice please?

I am lost and felt like i have been lied too by my mortage company. In 04 we bought a townhome for 174k had 2 loans, 1 for 140k that is a ARM and other for 35k. august of 05 we were approached by Countrywide that has our 1st loan telling us we have a value of 220k and you have about 35k in usable equity. We had about 25k in medical debt for my kids hospital bill. They suggested to roll that in with my 35k second. The selling point was to clear those payments to get ready to refinance my 1st which is a ARM to a fixed plan. Now i am getting these rate hikes now have a 10percent on my first and the payments are killing us. I went to countrywide to refinance, check my credit was 700, my income was fine. Then they send out a apparisal,came in at 185k, countrywide told me i cannot do anything. I hired my own appraiser came up with the samething, but he told me the property should have never been appraised at 220k when i took out the HELOC should have been 183k?Mortgage company playing games need some advice please?
Mortgage lenders are the biggest scammers our there right now.





I Have a bet that some time in the next year some guy will walk in the an office and shoot some guy right in the face. They think they just making a buck and will give you the song and dance how they the great and honest one it all the other guys that are shady.





What they fail to see is when you screw some people over it can right right take every thing one has worked for. Stree some couple out , and the wife leave '; money problem of the biggest reason why there are divorces. Now the wife takes the kids and is sitting there with no wife, a big stack of bills no kids, and the DA going after him for what little he does have, not much to live for.





Since they have not played in good Faith you must also be willing to set aside your rule of engagement. Ask if they would refinance at a fixed rate for 30 years and you give them the rate. if not your medical bills are paid so your one step ahead and are now upside down so believe it not you have the upper hand since if you walk away they are now upside down.





If they do not help out delay and only pay half of the mortgage for a few months, Pay off any debit, then do not pay at all and save.


And delay all you can and try to sue them to even further delay. All this time save and hid your money. Then before you leave move your stuff out do an inspection and hope there is not a wiring problem you did not find, sure would be a shame if they place burnt down after your stuff is moved out. If it does not burn down.





The last week before they take the home rent it out to a bunch of homeless for about five bucks, this will give them big time legal problems since they are now tenants and will have to start all over.Mortgage company playing games need some advice please?
First off call countrywide and see if they can do an appraisal review. Different companies have different rules for appraisals. Try a different company and see if they can use your appraisal. Sometimes getting an appraisal in the winter is bad because they are looking at winter sales rather then summer when prices are usually higher. My suggestion would be to shop around. You have a 700 credit score and can show income. Thats great. People should be fighting for your business as long as your home is really worth what you say it is. Look at the sales and compare your home directly to the square footage, bedrooms, bath. Do not add to your price because of upgrades in your home. Lenders are not going to give you much for upgrades. They are looking directly at the basics of your home. They also have to compare the closest home to yours. So if your neighbor has the same home and just sold for 185 then they are going to use 185. Shop around. Countrywide isn't always the best they just advertise a lot. Good luck!
Once upon a time, I was a mortgage broker! You should follow-up with an attorney. This can only happen when an appraiser is working with someone at the mortgage office to make things look different than what they are. If the appraiser gets called to the carpet for this issue then, he could lose his license.
Can you say PREDATORY LENDING? Mortgage lenders are the biggest scammers our there right now.





Sorry you got screwed.
Yep, you got screwed. A lot of lenders paid heavy fines a few years ago for inflating appraisal values. Countrywide and Ameriquest were the two biggest offenders. I think there was a class action lawsuit against them. You could sue Countrywide and get part of your money back, maybe. But your home is really probably worth about $185k. Good luck.





Now it looks like your combined loan balance is about $175k and you home appraised for $185k. With a 700 credit score you should still be able to refinance at a reasonable interest rate. Contact Julie at http://www.primelendingonline.com





Rick


http://www.fairwaymortgagelending.com