NancyG
Sophomore Member
- Joined
- Mar 22, 2004
- Professional Status
- Certified Residential Appraiser
- State
- New Jersey
Being sued for Fraud.
Specifics are.....
Home owner bought home in 2005 and refi'd in in 1/2007 after totally updating and redoing all aspects of home. I'm not taling about a little paint job and new electic plates. I mean new kitchen, floors, baths, upgraded electric, c/air, deck, finished basment.
I did the appraisal and I used 5 (FIVE) comparables that all sold within 6 months in the same town. The value came up. Well, they closed and cashed out. Turned out they borrowed like 96% of the value I appraised it for( nice creative financing). In October of 2007 they went to sell the home and found that they couldn't sell it for what they owed. Now that they are being forclosed on they are suing the morgage co, the lender (Bank), processors, secretaries they spoke with, the title co and my appraisal company. They do not accuse neglegence just fraud. I had no relationship with the loan officer or the mortgage company. I can honestly say I had not done any work for this company more than 3 or 4 times.
My E & O does not cover fraud.
I make too much money to get a public defender because I file joint tax returns with my husband, but......
I cannot afford a private attorney who wants a $10,000 retainer.
I'm forced to defend myself.
I have never been accused or anykind of wrong doing. I'm sure I could parade a ton of character witnesses on my behalf, but If anyone out there has any experience or ideas I am more than willing to listen.
Please help if you have any suggestions,
Thanks
Specifics are.....
Home owner bought home in 2005 and refi'd in in 1/2007 after totally updating and redoing all aspects of home. I'm not taling about a little paint job and new electic plates. I mean new kitchen, floors, baths, upgraded electric, c/air, deck, finished basment.
I did the appraisal and I used 5 (FIVE) comparables that all sold within 6 months in the same town. The value came up. Well, they closed and cashed out. Turned out they borrowed like 96% of the value I appraised it for( nice creative financing). In October of 2007 they went to sell the home and found that they couldn't sell it for what they owed. Now that they are being forclosed on they are suing the morgage co, the lender (Bank), processors, secretaries they spoke with, the title co and my appraisal company. They do not accuse neglegence just fraud. I had no relationship with the loan officer or the mortgage company. I can honestly say I had not done any work for this company more than 3 or 4 times.
My E & O does not cover fraud.
I make too much money to get a public defender because I file joint tax returns with my husband, but......
I cannot afford a private attorney who wants a $10,000 retainer.
I'm forced to defend myself.
I have never been accused or anykind of wrong doing. I'm sure I could parade a ton of character witnesses on my behalf, but If anyone out there has any experience or ideas I am more than willing to listen.
Please help if you have any suggestions,
Thanks