Colorado: In search of Certified / Professional Opinion of an Appraisal

[sputnam]

Where I am right now is trying to figure out the chain of liability. The company through which the "appraiser" went through isn't sure if they would be directly liable to me or the lender. They actually seem to be willing to work with me. The lender has its head up its *** though and doesn't understand anything about appraisals. The guy, in fact, sounded like he was hopped up on cocaine when talking to me. Nervous, interruptive, couldn't hold a focus on the topic. I'm fine with a mortgage adjustment, but may have to pursue a full recision under fraud laws due to the lender being generally grossly incompetent in grasping the situation.

Liability gets determined in court.

 

[Mark K]

It's listed as a mortgage. I'm looking at these papers. It's also not attached to any land.

Every mortgage will have a section that refers to the collateral that is being secured by the mortgage.

WHAT DOES THIS SECTION SAY? There HAS to be a description of the collateral or else the mtg means nothing.

BTW, it is possible to mortgage land and improvements (in this instance a MH may be considered improvements) on leased land. It happens frequently in some areas where long term leases are common. The mortgage might be on your leasehold interest in the real estate.

A mortgage is a document that allows the lender to repossess your property or your interest in the real estate if you become a deadbeat and refuse to repay the loan. What is stated as the collateral?