question about appraisal - Loan Modification Forum

crnstone · 11-06-2008, 06:17 AM

back in dec 2006 i bought a home and the terms are 2/28 interest only loan.
My question is we never received our copy of the home appraisal nor did our broker or appraisal company send us a bill, so i am sure our house was never appraised and this was around the time house values were leveling off. is this predatory lending? Thanks in advance.

Moe Bedard · 11-06-2008, 10:01 AM

On a purchase there is always an appraisal done, but sometimes a lender will pay for the appraisal and it will remain with their loan file and if you wanted a copy of it at that time you would need to pay....... and no that is not predatory.

11-06-2008, 06:17 AM	#1 (permalink)
crnstone Junior Member Join Date: Jul 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	question about appraisal back in dec 2006 i bought a home and the terms are 2/28 interest only loan. My question is we never received our copy of the home appraisal nor did our broker or appraisal company send us a bill, so i am sure our house was never appraised and this was around the time house values were leveling off. is this predatory lending? Thanks in advance.

11-06-2008, 10:01 AM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: question about appraisal On a purchase there is always an appraisal done, but sometimes a lender will pay for the appraisal and it will remain with their loan file and if you wanted a copy of it at that time you would need to pay....... and no that is not predatory. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode