Answer

Your previous expert has asked me to assist. Unfortunately, you are in the same exact boat with millions of other homeowner's whose homes were purchased when the market prices were inflated and the market has now fallen. The stimulus bill signed into law yesterday provides extensive relief for people in your predicament, but the details have not yet been published.

Unfortunately, your previous expert was correct, you cannot sue the bank unless you can prove actual fraud in the appraisal and not that the average market price in your area was high. These suits have been attempted in several states and have all been dismissed, so he was also right that at best, absent evidence of actual fraud, your case is very weak. I am sorry if you disagree, but that is the status of the law right now. Your best bet is to begin looking to the new federal programs to restructure the loan.

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Edited by PaulmoJD on 2/19/2009 at 4:08 PM

Expert:	PaulmoJD
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Answered:	2/19/2009

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Attorney licensed in RI, MA, LA also experienced practicing by permission in numerous other states