Countrywide also perpetrated what I consider to be insurance fraud in our case. They did not pay our premium after repeated promises to us and the insuror to do so, the installed their own (countrywide) policy, and refused to delete those charges. A new policy was more expensive and the former insueror refused to re-insure as our policy lapsed.

Hi Shelly; an Appraiser is chosen by the lender, not the Real Estate Broker or Agent. It's possible that there may be some influence being used in some situations but not many. Also in recent years, most lenders have to use a rotating schedule for appraisers. Of course, when the real estate market was hot, we saw some very shady activities but hopefully that's all behind us now. A case of... something good comes out of something bad.

This maybe amoung some but not in general. I have been in the business for 15 years and I or anyone I know has done this also I have had no appraisers ask for money either

I'd love to know where you get your information from Shelly. in 22 years of appraising property, i have been told once, by an applicant, make my value and i'll be your santa claus. i appraised his house for what it was worth, the value was not high enough and he didn't get his loan. you may speak for others but not all. What line of business are you in? any bad apples in the bunch? I have NEVER had a broker/agent offer me anything to hit a number.

It is my firm belief that this collusion between appraiser and Mortgage company is the reason so many people are in homes with larger mortgages than they can afford.

And it has contributed to the downfall of the American mortgage industry as a whole. They got too .... greedy. And their buddies, the realtors helped them out a whole lot.

I am a Realtor. I do preform "drive by" opinions of value for one of these so called third parties. I am paid very little for the time but used to look at it as helping the industry. Imagine my suprise one day sitting at a closing with one of my clients and they buyers appraisal was completed by the company that I had completed work for during the year. The fee was $350 when I am sure the Realtor that did the drive by opinion was paid less than $100......It is disturbing to see this type of profit by these companies and they are not really giving a full service

Paula -

I am an appraiser and often the lenders do 2+ valuations on a property prior to issuing a clear to close. They typically charge for the licensed appraiser to the borrower. One of the biggest problems we face right now is that so many loans were issued based on a real estate agent's opinion, desktop valuation, and AVM products. I have also been a real estate agent for 12 years and a loan should never be allowed based on a BPO (real estate agent drive by as you all it) when the LTV is higher than 60%. Many real estate agents, mostly new ones who would work for little, helped create this mess due to their inexperience and lack of underwriting and lending guidelines. There needs to be a disclosure in the closing packages that the borrower is entitled to a copy of the appraisal. I think that would stop a lot of the schenanigans. I tell borrowers at their home they have a right to a copy and to contact the lender to get that copy.

Don't get offended, but I think it's more disturbing that lenders have been issuing billions of dollars in loans based on a real estate agent's opinion. That much money needs a licensed valuation professional. Real Estate Agents work on the basis of highest price possible, in as short a time period as possible. I am sure that bled over into over valuations of homes during the boom. An appraiser values based on most probable price. That is usually lower than the absolute high the market received. Both are okay mind frames, but the real estate agent's mind frame is not a protection to the lender or the borrower.

Thus the mess we are in.

I would think this is unfair taxsation....Time for another tea party or a somekind of a Lawer...

3% a year max If you are a snow bird 10% max in the state of FL. you must have a million dollar house.

Glad to see a lawsuit being initiated by a private home owner. The whole system is corrupt in my book, I noticed something was up in the early 90's when my mortgage was sold 3 times within a 2 1/2 yr time frame. Totaly sick how wall street all the way down in the morgage industry screwed everyone in the process and now the FEDS bailing them out at TAXpayers expense. BAILOUTS ARE FOR LOSERS.

They have been sued. Look in the Kansas City area.

GMAC took my home in June of 2008 after I was in a 1 yrs forebearance and paid on time every single month for that year......I paid $500 each month and at the end I had secured a 2nd income of cleaning a newspaper office and of course they considered that income and instead of helping me by letting me refinance or something they wanted me in a new agreement at $832 because of my 2nd income........for the same home.....same crappy neighborhood that was going downhill.........so instead of helping they charged fee after fee after fee.that i'd already had from Fairbanks Capital Morgage from before that got into trouble for their trumped up fees. So of course I just let them have it because there's no way I could pay or would be $832 a month for that 2 bedroom 1 bath house..............if you ask me they all do us dirty. I was a single mother working at $23,000 a year.........but I got no bailout and no help !!!! And living in an apartment now.........

You're totally right ..............CEO'S , banks , and may other companies should NEVER RECIEVED BILLIONS ESPECIALLY A.I.G. ....

Many people could afford there homes IF mortgage companies didn't screw them over . Companies stop laying off .

i know people who's laid off , they can afford there homes , but many people can again because people are being LAID OFF .
there's many reasons why those who can't afford.

everyone has a story to tell , and zillion reasons why.

I bet you've a family or friend or coworker who's in a situation .
Have you sit down and checked your own finances .

Let's pray and think positive , best results..........