Does Going Public Help?

[Farm Gal]

Ben:
Like Pam I agree that it is a good summation!.... and like Pam I am also ranting about the fact that the public is sadly underinformed as to the process and professionalism of lending. AND our role in that process :evil: .

OK there are some folks who are going to be willfully ignorant and others remain just plain stupid until the end of time, however when the typical informed consumer OR even superinformed consumers cannot get lenders to cough up a copy of an appraisal in a timely manner, something is WRONG.

There is significant predetory lending occurring in many areas. I see it not infrequently in certain areas of my market. You can argue ethics and USPAP all you want but if I walk away from a deal because it is sooo out of whack, the house is falling down (won't meet lending criteria by a multi-page list of faults), and taking someones money just feels wrong: that is what I do. And most of those loans close through the same lender but surprise a different appraiser :evil: :evil: :evil: .
Lender ethics? BAH!

 

[BenLuby]

LeeAnn,
Most of those loans may close through the same lender with a different appraiser, but you did the most important thing. You followed your true ethichal code. My respect for you just went up a notch more.
Too many people argue their beliefs based on a book with alphabet soup on its cover. You just do the moral and ethical thing. I know we all follow USPAP, but what you say is right.
Being a professional is about a lot more than collecting a fee for an appraisal. You earned a beer.
Hey, it's Saturday night, have two.
Any of you, and I know this is going to sound stupid, ever thought about contacting your local paper? Maybe writing an article on what an appraisal really is? We all enjoy the forum, but maybe the best way to garner positive results is to contact the local media, and then the people with a bit of sense will learn to not get bent over and manhandled by a LO or RE.
They are out to make a buck. It is not really their problem if someone loses their home, individually. Most of the people who get raked by the predatory lenders just about kick the door down to get a loan, damn the cost and finance rates, then they scream bloody murder when the bills come due.
Could be that the John and Jane Q. Public need a bit of edumacashun.
Or, just tell someone what they need to do. Word will get around.

 

[Farm Gal]

Ben:
I actually intend to do just that... and have considered some day real soon, waiting until I get a DOOZIE of an order from scumbags anonymous and getting ahold of a reporter to walk through the whole thing with me (speaker phone calls and full ranting off line courtesy of Lee Ann...) I intend to do this on which ever day I have finally HAD it and really don't care if I ever do another appraisal...

(Which would have happened a long time ago were it not for this forum...)

Honestly read my response to Terry (aka ATC) over at the 'cooler...

It is time for all good men and women to come to the point of DOING something about this mess. :evil:

And as for me and my house we will follow the path of rightiousness and good... and if we starve or get forced out of this bidness I have other skills. 8) I have thought a time or two that had happened, but so far another client or two stumbles through my door who really DOES want an honest appraiser...

 

[John Hassler]

Still waiting for someone to show me Neverwilllearn's actual economic loss. Specifically, the loss based on the overvaluation of the real property - the question Neverwilllearn is asking for an opinion on. Please do not opine on their ability to repay which would be based on their monthly income, total debt, credit score, etc which we have no information on (and has NOT been asked by Neverwilllearn).

I am in no way condoning appraisal overvaluation. I am only asking to be shown the predatory lending based SOLELY on the information of Neverwilllearns post that three-plus years later they now realize they are upside-down on the property because the prior mortgage finance transaction appraisal APPEARS to have overvalued the real property.

Like I said before, I'm all ears and will do my best to provide the poster with Dan Rather's home phone number if they can logically show me Neverwilllearn's $$$ loss.



John Hassler

 

[jim farrelly]

we've been down this road with neverwilllearn before. the bottom line imho remains the same. you alone applied for the loan, you alone got approved, and you alone got the $$. now you're upside down on your house, cant pay the loan, or have some other issue relating to paying down the debt service and feel the need to point finger of blame at others. did the bank, appraiser, avm, or wonder ball over value your house? maybe, maybe not. neverwillearn, you alone over extended yourself.

is this predatory lending? i doubt it. lenders rate, accept some form of collateral, and then make a loan. bad credit = high rates, high fees, long terms, and higher risk on the lenders part.

 

[Head Surfer]

I am locking this topic because neverwilllearn has posted the same information on four different occasions and gotten similiar answers each time. Once in February (got 31 replies), once in March, once in April, and again here in August.

So I am posting the same message I posted to neverwilllearn on 4/08/02 and hope they understand it this time:

To neverwilllearn:

You have already posted about your situation before and received 3 pages of replies. See this topic here:

http://appraisersforum.com/forums/viewtopic.php?p=6292

The "ask an appraiser" forum is for members of the public to ask general questions about appraisal to get an idea of how the appraisal process works and some of the terminology involved. Appraisers may answer these general questions if they wish, and the reader must understand that they are unofficial and for informational purposes only.

Questions about specific situations such as yours, especially those cases where someone is alledging improper conduct can not be answered here. The appraisers here were not a party to your transaction and it would be improper for them to render an opinion.

What you need to do is contact a lawyer.

Wayne McKerley, Admin.
AppraisersForum.com