Appraisers Petition, where's the Media $ can I use it?

[neverwilllearn]

On another thread I posted info on my case but after reading the petition I add:
This single, full time working teacher and mother of a young child who is fighting (under various statutes listed below**) the 6th largest Bank in the World over a Home Equity Loan contractual dispute where they state the Fair Market value of my home was $117,000 and where 9 months later one of their own Bank Agents secured another internal Bank documentation stating that the valuation was appx $14,000 LESS, I have a question and a few comments.

I have read through about 1/6th of the comments and I get chills. This is a shocking situation that I never realized was going on. I agree totally with all the posts that state that the Banks and other lenders should not be the ones ordering the appraisals. It should be independent.

Has the petition with the 6000 signitures and riveting comments been out there to the media? Where and When?? THE PUBLIC WOULD BE SHOCKED!!

I have to look up Rules of Evidence, but would anybody object if I present this petition as I present my case?

Any Houston lawyers out there willing to work on contingency basis? (I only have my faith and $100 in my pocket) My faith will take me further than the $100.

Houston agents, I will contact you this week during Spring Break to see if you can explain the appraisal process and various appraisal approaches in court or by written deposition.

Thanks for your response, Deborah, Kingwood, Texas

**Section 50(a)(6)(10) of the Texas Constitution, Article 16 forfeiture of ALL principle and interest due to the failure to comply with the lender’s obligations.
**Texas Constitution, Article Xvi section 50(a)(6)(10) denial to borrower for right to rescind with Accurate information on real property contract and non-compliance with lenders duties.
**15 U.S.C. 41sec.1639(L)(2)(B) refinancing of mortgage loans that the Board finds to be associated with abusive lending practices, or that are otherwise not in the interest of the borrower
**Texas Statute, U.C.C. Business & Commerce Code Title 2, § 17.46 &17.47. Deceptive Trade Practices Unlawful for deceptive and/or misleading Fair Market
**Texas Statute, Title 3 §12.21© for Title 7, Penal Code § 32.42 Deceptive Business Practices for false and/or misleading information on the Oct 2000 loan contract.
**15 U.S.C. 41 § 1601 for Bank One’s willful and flagrant omission of the $103,054 Market Valuation that was significantly different from what was disclosed to the plaintiff on the 10/06/2000 non-purchase loan.
**Texas Statute 12.21 for acts committed under Texas Statute, Title 7, Penal Code § 32.47. Fraudulent concealment of Writing for impairing the VERITY (truthfulness) of the Fair Market Value on the loan.
**Texas Statute 12.21 for acts committed under Texas Statute, Title 7, Penal Code sec. § 32.47. Fraudulent Removal or Concealment of documentation to support Fair Market Value as listed on July 1999 contract.
**Texas Statute Penal Code § 12.34 for the acts of § 32.46. Securing Execution of Document by Deception (1) causes another to sign or execute any document affecting property of any person This, causing the debtor to sign on 10/06/2000 giving the bank lien rights for loan when debtor was deceived into believing Fair Market Valuation amount presented to be unique.
**Chapter 12 of Texas Statues Civil Practice & Remedies Code § 12.002 & 41.008 liability related to fraudulent lien or claim against real property for acts committed under Texas Statute, Title 7, Penal Code § 32.47.
**Texas Statues U.C.C. Business and Commerce Code § 27.01© Fraud in Real Estate for false representation of material fact

 

[Pamela Crowley (Florida)]

We have sent the Appraiser's Petition to legislators and media since it's beginning. If any are not aware, they choose not to be or are lying. The Appraiser's Petition is on a public web site and we encourage passing it along to any and all. Personally, I would love to have you use it and push it into the faces of everyone you can. Various members of this forum do that on a regular basis. This is the whole reason for it. Not much response so far. I genuinely and somewhat desparately hope you can take it further! Honest and ethical appraisers are regularly not paid for their work and/or blackballed from further work.

You are NOT alone in your position. I'm seeing more and more that need to sell their homes for various reasons and cannot because they owe too much. Yes, we all need to do more to protect ourselves but, we need to be able to trust those with 'expertise' in their chosen professions; those professions that are not our own area of expertise. Too many of the people involved in mortgage lending are just plain crooks! They are also the ones with the most money which equals clout.

 

[Ruth Langkawel]

PLEASE DO!

Pamela and I were among those contributing to the formulation of the petition, and among the first signers. This petition has been posted for approximately 1.5 years, and has been transmitted to many news organizations and probably every member of Congress. It gets little attention, and no results.

I know that we have gutsy members in Texas that would be happy to testify about this problem if it would get us some attention.

 

[Beth Carney]

Low Error-Full Home Appraisal

I recently had my home in Williamsburg, VA appraised. It came in at $215K though an independent realtor with an excellent reputation provided me with an appraisal of $285. I am seeking a loan and have questioned the report since the appraiser got the acreage wrong (it's .55 not .025), structural ammendments (floored attic) and brand new appliances (washer & dryer) not noted. Do I have any recourse. The mortgage banker wants to go with the $215 though they have given the erroneous information to the appraiser's company. What should I do?

Beth:

Who did the appraisal that came in at $215? Was it done by an appraiser ordered through your lender?

Who did the appraisal that came in at $285? Did the realtor hire a separate appraiser?

Small item of note: a washer & dryer are personal property and should not be included in an appraisal.

I recently had my home in Williamsburg, VA appraised. It came in at $215K though an independent realtor with an excellent reputation provided me with an appraisal of $285. I am seeking a loan and have questioned the report since the appraiser got the acreage wrong (it's .55 not .025), structural ammendments (floored attic) and brand new appliances (washer & dryer) not noted. Do I have any recourse. The mortgage banker wants to go with the $215 though they have given the erroneous information to the appraiser's company. What should I do?

What should you do? First of all, a real estate broker is not an appraiser (although he can be). Did he give you a Comparative Market Analysis (CMA), or an appraisal? Big difference there.

You need to understand that the appraiser's job is NOT to help you get a loan. It is to help the lender evaluate your house as collateral for one. I'd believe the appraiser over the Realtor, no matter how good his reputation is. And as for a floored attic, is it living space? Does your market show that a floored attic has significant value? Did the comparable sales have floored attics?

As to the lot size, what sizes were the lots of the comparable sales? Was an adjustment made for site size difference? Was one appropriate in your market?

The bottom line in this is that we can't really tell you anything dispositive without seeing both reports. You may want to hire an appraiser to do exactly that, and to tell you which report is more credible. When calling, tell the appraiser that you want a desk review of two reports to determine which is more credible. Rates for this service vary, and most of us require payment in advance.

And Beth, do be careful not to get into a position where you owe more money on your house than it is worth. That's called being "upside-down" on a mortgage. When you're in that position, if you need to sell -- you can't! Not without coming up with the cash difference to pay off the mortgage.

Thanks, Jim.
Your information was really helpful. I did not know about the desk review part. BTW, my property is a half acre and the others were a quarter of an acre. Why wouldn't the value go up immediately when they saw their mistake? The other thing is the County has assessed my home at $230K which we know is usually lower than its worth. I have asked my lawyer to look into all of this.
Beth

Mary,
Thank you for the info on the washer/dryer. Please tell me why is there a check box for them on the appraisal? Those boxes were not checked although all the other appliances were. So why evaluate any of them and note in the comments that the others were new? The washer and dryer are brand new.
Thanx again,
Beth

Beth, I'll answer for Mary. The other appliances checked off were probably built-in, and were thus part of the real estate. A washer or dryer is not built-in and remains chattel property. We appraise only real property.

One reason why your lot size may not make a difference: In that particular market, when people pay the same for a vacant lot in that subdivision regardless of its size (0.25, 0.5, 0.3 ... whatever) it indicates that the market does not recognize size differences. Now, I'd be surprised not to see some sort of land adjustment if the size difference was, for example 0.75 vs. 0.25. But I reserve judgment on the 0.25 vs 0.5 difference.

Are empty 0.25 acre lots selling for enough money to make up the difference? If so, then your house is on a double lot. Usually, a market study will reveal that houses on double lots do not sell for a price equal to the house plus an extra lot. It's called "excess" or "surplus" land, depending on how the house is situated on it and whether the extra lot can be built upon. Again, we can't give you a remote-reading land appraisal either, because the value of vacant land depends on many different factors. We'd have to see it and research the local market.