Appraised home 3 years ago. Lender repo'd and is now filing law suit saying appraisal was too high. Was working as a registered under a certified at the time. Any one experienced with this, where do I start???
Call your E&O carrier. They are probably just fishing. What is "too high". Can you give some more details? If your comps were good, I don't think you have too much to worry about. Most suits are about specific items of fact, not someone's opinion.
Make them explain what too high means.
Did they do a review three years ago. Has the condition changed. Get out there and get new pics asap.
Start collecting data to support your claim and to rebut theirs. The cert is on the hook but will probally blame you.
Get your own lawyer or legal representative to answer questions for you.
Good Luck CYA
I agree in principal with David and Jim about consulting your E & O carrier before you do anything or talk to anyone with one exception. I would contact my personal attorney first for general guidance on how to proceed. You may benefit from some guidance on how to approach your E & O carrier as well. While they insure you, any claim or potential claim will likely have an impact on your premiums or future insurability.
With regard to contact with the lender or any other party, my rule is: Once the "L" word, whether it be "Lawyer" or "Lawsuit" is uttered, all further conversation ceases until I have consulted my personal attorney.
They may in fact "be fishing". Anyone can threaten to sue or even file suit, but to prevail the suit must have merit. The recommendation about getting current photos of the subject is a good one for CYA, but I would not do anything overt until I spoke with competent counsel.
I may be missing something here, but...............
A) I think your exposure is minimal if any, you signed on the left. As long as you didnt defraud your supervisor with intentional bogus and bad info, you should be ok.
B) they dont want you anyways. They may think they do, but you supervisor has more 'assets' in the sense that he had/has the E&O policy and insurance pockets are alot deeper than yours or mine.
Either way its scary as hell. We went through it last year and it was dismissed. it is now under appeal even after the judge wrote a wonderful dismissal thesis that made me look like the person who invented appraising.
Good luck. Hopefully you will come out on top and trust me you will learn more about the legal system than you thought you ever needed to, which doesnt hurt.