Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.
Good afternoon. I certainly understand your situation and concern. The real estate
market certainly fluctuates, so it is not uncommon for a property to be worth less now, then it was over fives years ago. Moreover, when the appraisal was done, there were likely comparables which were used to support the value of your home at that time, from recent sales. The decision to accept the HELOC
in 2008 was entirely up to you and the ability to obtain it, was certainly based upon the current value of the home, at that time. When the lender made the loan, there was no guarantee that the value of the home would increase over time. With that said, if you wanted to try and sue and thought there was a valid claim for fraud, the burden would be on you, as the moving party, to show that it existed and the value of the home was inflated along with the fact that the lender knew about the actions of the appraiser. This is going to be hard to do, if the 2008 appraisal had comparables to support the value. In addition, you have every right at this time to try and find another appraiser to give a second opinion and challenge what the first one determined to be the value of the home. I have certainly seen different appraiser determine different values, over a short amount of time. This would not be a situation where you could force the current lender to refinance the home, if they did not want to. You would have ever right to apply for the refinance with another lender and if you have evidence to support the actions of the bank and appraiser from 2008, could try and sue for damages
. I think this will be hard to do, to be honest with you. The reason I say this, in addition to the report and comparables to support the price, is a result of them using an outside, 3rd party, who was neutral. Back in the day, it would appear that these lenders were taking any appraisal submitted, from any appraiser, who would value the properties at any amount, as long as business was thrown their way. To avoid this, it looks as though your lender did use an independent person. I know that this was not the answer you were hoping to hear but I would rather be upfront and honest then tell you something that is not true. This is going to be VERY difficult to prove and you could invest a lot of money in this and end up with no relief.
Please let me know if you have any follow up questions or need any clarification on something which I stated above, prior to rating me. Also, please remember to rate my service with 3, 4, or 5 faces/stars, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two faces/stars on the left, please STOP and reply to me via the "REPLY TO EXPERT or CONTINUE CONVERSATION "button. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.