I just received the email below? I am alarmed that this stuff is STILL going on. Anyhow, I want to be the one that stops it (or at least curb it)
Hello, Frank!
What do you think about a lender who says that he can pay extra to an appraiser to appraise the property higher than it actually is?
I am thinking of refinancing because the interest rate on my condo went from 6% to 9% ( I had ARM). The last home sold in our subdivision was 225,000. I bought my condo for 255,000 in 2005. This lender said he can pay some money to an appraiser who will be able to appraise my condo for 260,000. He said, "money can make things happen. Just a couple of hundred." I don't know what to make of that. Can you give me some advice?
Thank you.
XYZ
So my question to this group is
a) Does this sound illegal to you?
b) Who can I report this lender to?
c) Is it illegal for me to trap him by having him put this in writing?
d) What email could be written to not be SO obvious as to call attention.
How about a reply like this:
(PUT HIS NAME HERE)
Can you help me better understand the process? If my unit has gone down in value since I bought it, how can the appraiser provide a report that the value is higher than it actually is? Does he just get more creative I guess? And the extra cost is under $200? Also what do you think my new rate would be if I refinanced?
Thank you.
XYZ
Thoughts?
Frank Borges LL0SA
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