AgentMortgage

Another reason to avoid 100% home financing

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

"After being in my house for a year, I learned that the market value is considerably less than the appraised value. I was obviously deceived by the builder and the appraiser. Who do I talk to about that? My mortgage was for the full appraised value. I want to stay in my house, but I don't want to pay for a mortgage that is for more than the house is worth. Is there any way I can get the lender to reduce my note to the real value of the house? I thought I might sell, but the new appraisal is for considerably less than the mortgage balance." You may have paid more than the house was worth at the time, as builders typically charge what the traffic will bear. There is no law against charging more than something is worth if a buyer is willing to pay it. Being unduly influenced by an appraiser working for a builder is a terrible mistake, but an understandable one for a home buyer to make. It is less excusable when made by a lender, who is supposed to know better. An alternative and perhaps...