dan p asked:


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?
we live in a townhome community so all homes are alike. My appraiser that i hired showed me the sales during that time frame that countrywide showed a value of 220k. All the comparable sales were between 181-186. No other lending company will not help us get out of this 1st loan too. I keep trying to talk to Countrywide i find them rude and unhelpfull

Lydia

bruce m asked:


hello,
I have been battleing a ordeal with my mortage company for sometime now. About a 2 years ago i got a 2nd mortgage. About 6 months ago i wanted to refi but i soon discovered i owed more then the home was worth. The company had both my first and second after that. they inflated the value by 30k. Making it impossible to refinance to sell or refinance. I had to get the state of Kansas attorney general involved. The company did take fault at over valued the property. the company offered to re write the loan on todays apprased value and what ever the diffrence they would expense it with in there orgniation. I close on the loan next week and the difference is about 33k they are going to eat. Now should i be concerned here! should i get a lawer at this point? or should i just use the backing of a the kansas attorney generals office.
Thx

Beatrice

capswitt asked:


My Sister is 10 days late on her mortgage payment. The mortgage company stated that they would not accept the late payment and she needed to make the past month and next months payment together. Is it legal for Mortgage companys to do this? They cannot refuse payment can they? BTW, this is not the mortgage company she financed her loan through. The company was purchased by First Horizon several years ago. She did not agree to this with her original mortage company and was not advised of this ‘rule’ after the buy out.

Corey