Bank Fraud? Appraiser involvement?

[neverwilllearn]

Oh Ms Dee Dee, What a great commentrary and question. Keep them coming because I need to see what I will face when this comes to trial. I will answer that…

The home, the American dream, my dream. Coming from a poor family who doesn’t remember living in the same place for over a year, this house was the dream for the fruits of my labor. This house was the dream that I had when my child was 2 years old, now 7.

Then come financial institutions that will convince American home owners that they will be happier and live better by taking a vacation, by consolidating that debt, by buying that boat… it took me 2 seconds to find these pitches from lenders

"Our credit card debt exceeded $75,000 and the payments each month were killing us. Thanks to Corey at America's Best Mortgages & Loans, all of our credit cards were paid off in a single day, and we're actually saving over $300 each month."
Jon Giovanni
"Flexibility, Diversity and honesty, thats what you can expect from Loans America"
"DEBT CONSOLIDATION LOAN / HOME IMPROVEMENT LOAN
Our 2nd mortgage loan programs enable you to become debt free! Consolidate those unsightly bills (credit cards, autos, liens, personal loans, high interest rate second loans, refinance or even do some home improvements, etc...). Whatever your situation, Loans America has the expertise to guide you down the road to becoming debt free and can even put money back in your pocket!!"

And all the American consumer need do to enjoy this “financial freedom” is sell their soul, their home!. “Our credit card debt exceeded $75,000 and the payments each month were killing us.” Yes, their $75,000 in debt is massive. But with the help of financial institutions, now they will also lose their house!!!!! Good Move.

With Bankruptcies at an all time outrageous high, in personal and corporate arena, Americans are out of control with spending. And with ads like above, financial institutions are helping and they don’t care!! To be quite frank, Appraisers and Bankers can do the American people some good by being realistic with property values. Quite literally, the American Consumer needs to be saved from themselves.
If the valuation stands in the way of the consumer getting a loan, so be it. Let the consumer, myself included, learn how to budget. Let the consumer learn to live without the “needed vacation” Bring light to the consumers life that he or she needs to take control of their finances and borrowing against the home is not the way to do it. Paying off debt simply frees that credit card to create more debt and once again, I state, but now the home is also at risk of being lost.

I cried foul when I was planning on moving out of state and saw that with area sales figures well below the $117,0000 on the equity contract, that I would have little to no equity in my house after selling. And that is what really got to me. I was going to move but would have had little to no money left over to put down for a new house for my child.

Does the banking industry not have a soul? The proof is evident…. The answer to that is NO! They do not care who they put out of their home as long as they make the mighty buck. Well, in my case, the buck will stop here and they will not get away with it this time and I will pursue this issue until my last breath.

 

[Dee Dee]

Neverwilllearn,

Good for you...at least you admit making some mistakes that put you where you are. My hat is off to you for that...most refuse to ever take personal responsibility and play the currently popular 'blame game' when the ax finally falls.
The root of the problem is NOT the banks or the crooked appraisers. They are only responding to the demand of the real culprit...the greed of the American people. It's a simple concept that has been around since the cave man.... If someone wants something badly enough and are willing to pay for it, then someone else will step up to fill that need...for a price, of course.
Just one generation ago our parents biggest financial goal was to pay off their mortgage and it was a celebration when they finally held the deed to their home. Even the most uneducated among them grasped the simple concept that the house didn't REALLY belong to them as long as the bank held the note. They clearly understood the difference between wants and needs, and they had the wisdom know that perseverence and sacrifice would win out over instant gratification. Most of them also lived by the the rule that you can't get something for nothing...sooner or later you WILL pay the price. This generation thought they could somehow change those amazingly simple lessons, and now the price is being paid.
Your personal story is not unique by any means, although I'm certain that to you it is top priority. At the same time I can show you examples of people who started out dirt poor, who lived by the old rules, and who are now financially independant because they didn't belly up to the trough.
Now, back to your goal of fighting those who you blame for your current circumstances. I still say go for it....but it will not attack the root of the problem. If you really, TRULY want to make a difference (and you are a perfect candidiate to do so), start pushing for the schools to teach MANDATORY economics classes. IMO, this is where the problem begins. Young people need to have it drilled into their heads that 1 minus 2 DOES NOT equal 3 in the real world.
Look at how many kids move away from home, get their first credit card and within a couple of years are so deep in debt that it'll take a decade of hard work to dig themselves out! They clearly didn't understand the basics of economics. Is it the credit card company's fault? One would like to think so (the blame game is always the easiest way out), but the fact is that we are ALL guilty of perpetuating the myth of the American dream by continuing to release an endless supply of new and ignorant consumers into the marketplace, our children. It may take a long line of people like yourself to step into a classroom, swallowing their pride, and telling their story, but I would hope (maybe I'm dreaming here) that it would have an impact, and the end result would be that the sharks would no longer have silly sheep willing to jump into their waters.
I hope that everything works out for you, just remember that you are a teacher and you are sorely needed. Focus on passing along what you have learned and you may save countless young people from making mistakes that could ruin their lives.

 

[jtrotta]

Appears you have plenty of input, so will jump to your last inquiry; how do you find an appraiser; whomever you speak with, present your case to be sure they will go the distance in case it goes to court.

Good Luck 8)

 

[Anonymous]

after letting it all sink in, i finally figured it out. u are a deadbeat. u got the loan, u cant make the payments, u filed for chapter 13 protection, and now u want to blame everyone involved in the loan process but yourself.

 

[neverwilllearn]

Mr. Brown,.. name calling? Surely you must walk on water.

As I stated before, the payment of the loan is NOT the issue.
"double jeopardy comes unbeknownst to the consumer who does not have any type of appraisal documention at all when the sale of the house occurs. If the $103,054 is a realistic amount, which I believe it is, the problem is 100% of equity loss at time of sale. If I sold the house tomarrow for $103,500, lets say. If I owe $82,400 on the 1st and $11,200 on the 2nd my equity (not counting closing costs) would be $9,900. That equity amount is far less than the 20% amount of $20,620.80 that the the Texas Constitution wanted to preserve for it's citizens. Equity stripping is what's happening here.. that's what it's called. Like in predatory equity scams... equity stripping."

The Bank cannot be allowed to get paid PLUS strip my equity. That is the point! Chapter 13 will allow me to have my day in court. All I want is my equity restored as the Texas Constitution provides and then they can have their money. They cannot have it both ways.

& read this interesting article on drive by appriasals
http://www.appraiserscafe.com/article.php?...order=0&thold=0

 

[Terry Russell]

neverwilllearn,

Whatever your circumstances, Stand up and defend yourself, because no one else will. Good Luck!

New header on truth-in-lending statement:

WE WILL LOAN YOU ENOUGH MONEY TO GET YOU COMPLETELY OUT OF DEBT. ok?

Terry

 

[Austin]

If you think things are bad now, if it were not for the appraisal profession, even with all of its flaws, things would be 1,000 times worse. That doesn't mean we can't make it better. As long as we have a system that allows the players to over rule the referee, this is the end result. Democracy has its limitations and this is a by-product of democracy. If dad says no, ask mom. If mom says no, ask granny. If granny says no ask papa..... As my sister use to say when she was teaching 1st grade: "It all goes back to toilet training." As strange as it may seem, at diner last night at my mother's house we were discussing toilet training. She stated that I was the youngest kid she ever witnessed that started pottieing. She attributed it to making me pee into a bottle. I guess that is why I am such a prick about details now. You either hit the bottle or you don't. No exceptions. The only problem is that now at my age, I had to start taking ****** to keep from peeing on my shoes.

 

[Head Surfer]

... I guess that is why I am such a prick about details now. You either hit the bottle or you don't. No exceptions. The only problem is that now at my age, I had to start taking ****** to keep from peeing on my shoes.

Austin,

This is not the place to talk about bodily functions. Please keep it clean and be NICE. There is more than one way to look at things and everyone has a different opinion and I ask you to please respect others opinions.

When responding to questions please do not be sarcastic. Please review our posting rules at:
http://appraisersforum.com/rules.htm

Wayne McKerley, Admin
AppraisersForum.com

 

[Head Surfer]

after letting it all sink in, i finally figured it out. u are a deadbeat...

Mr Brown,

We do not allow name calling. When responding in this forum you ARE the appraiser as far as the public is concerned because the public is allowed to ask general appraisal questions here. In other words what you say reflects upon all appraisers. So please represent your profession well.

I realize that questions are answered by appraisers here due to their own generosity, however we do not allow name calling, sarcastic responses and the like in this forum or any of our forums. Your response served no purpose other than to further antagonize the poster who came here to try to learn a little about appraisal in order to solve or at least understand their problem better.

Please review our posting rules at:
http://appraisersforum.com/rules.htm

Wayne McKerley, Admin
AppraisersForum.com

 

[neverwilllearn]

I am waking up to a world that I did not know very well...

Real Estate News and Advice
August 29, 2001

"$25,000,000+ In Property Value Vanished In Alleged Fraud"
http://www.realtytimes.com/rtnews/rtcpages...0829_allege.htm

I will stand up, thank you. I thank you all for your insight and I will be back within a few months and will keep you posted on the outcome. As the will of God is in heaven, .... so let it be.