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Bank of America is at it again

Posted by CM on August 5, 2009


True Story

A couple recently sold their home and submitted an offer to buy another home.  This new home was damaged from flooding during a hurricane.  The couple wanted to purchase the home to fix it up.  Well, their first mortgage company refused to appraise the house for the offered price and instead kept lowering the price.  So, the couple went to Bank of America and found a loan officer who would approve a “drive by” appraisal.  The real estate agent then took all the photographs off of the internet and put curtains on the windows so that all the appraiser could see was the outside of the house.  And low and behold, the house appraised for the exact amount that the couple offered on the house. 

I applaud the first mortgage company who had an appraiser assess the true value of the property by walking inside of it.  I give a big thumbs down to Bank of America for hiring a “drive by appraiser.” 

In our personal story, we are angry that a “drive by” appraisal was done for our home.  We believe that had the appraiser actually set foot in the house and seen how basic it was that the house wouldn’t have appraised for so much in the first place.  Clearly, if the house was never over priced then we would have sold the house for the loan payout amount immediately.  Instead, we are going on 11 months of waiting for a short sale offer to be approved.  Did I mention our appliances were stolen! 

This example just shows how we are in need of some rules and regulations from our banks when it comes to home ownership (including buying, living in, and selling).  Support the Mortgage Bill of Rights!

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