Countrywide / Appraiser I want independent appraiser NOT one owned by Countrywide!
I applied for a second mortgage with Countrywide due to being solicited by them as pre-approved/ no closing costs. I was approved immediately then told the no closing cost loan was at a much higher interest than I was being given. I was also told I had to have a new appraisal even though the last one done by countrywide was 13 months old. They told me they would order the appraisal which they did. However I ask then to use a local appraisal company and they told me they used LANDSAFE which is OWNED by country wide! The guy came and was not here 10 minutes total. The appraisal came back MUCH lower than my appraisals form even 5 years ago and 30,000 less than last year ( 20,000 less than one done by COUNTRYWIDE's own Landsafe!) I immediately called them and told them I wanted a re consideration and had the local real estate company do a cost comparison for a 1 mile radius of my house it came back 17500 more than the countrywide. They loan officer I am using told his supervisor and gave him 2 appraisals from Aug 2006 and 2005 and the comparison form the real estate company the supervisor agreed that the new 2007 appraisal was way off and sent it to the department for reconsideration. I was then called and told that countrywide had ordered the appraisal they had done in 2006 to compare then I was called and told that they would not re consider the appraisal amount. I just had a realtor's here to tell me what I should list my house for even in todays "bad market" and was told 195000.00. My complaint is: I believe that it is a conflict of interest for the mortgage company to OWN the Appraisal company I want my house appraised by a certified appraiser that is used by many Mortgage companies and I feel Countrywide Stole my 400.00 for the appraisal and I want my 400 refunded to me. I can get a loan else where. But their appraiser didn't even measure he went by courthouse measurement s which if he would measure he would have a totally different number I know this because I have measured and I have had my house refinances and had several appraisers here. Countrywide is first lying to get people to apply for their "NO CLOSING COST LOAN" which turns out to be a high interest loan and then steals money to have their appraisal company appraise houses. I know for sure any other appraiser would have appraised my house for 20000 or more higher.
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