Thursday, November 29, 2012 - 9:24 AM
Refinance ScamValley National Bank
We just fell for Valley's $499 refinance scam! They sent their "appraiser" to ouur house and it was valued $65,000 less than our 2 year old appraisal and $55,000 less than our 1 month old assessment. We asked ablout this and were told that they don't use the appraisal, just recent sales in a 3 mile radius. Features, lot size, condition don't matter. Three miles from my house includes 3 other towns that are much lower than mine in property value. The house next to mine with a similar lot size just sold for just under what we bought ours at and one up the street, with a smaller lot, just sold for more. Valley just stole $499 from us!
1. Thursday, November 29, 2012 - 9:35 AM
It seems to be common these days and indeed looks like a loophole to the advantage of the lender. There should be law to refund the appraisal fee, if the loan is not approved.
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Jan 16, 2010
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