I wanted to refinance, in order to secure funds for the start of a new business. I am an african-american single-parent female head of household. My property isn't a mansion, however, I've placed a new roof, gutters, siding, tuckpointing, windows, minor landscaping on the outside, had the city to demolish a garage that was an eyesore, with the fencing in of the rear portion. I have also replaced the kitchen cabinets, and replaced the standard bathtub with a small whirlpool, replaced walls, etc
Countrywide said that I'd have to take out a second mortgage, because my credit scores were too low, (I had much higher ones before working with them). The properties in my area range in price from $125,000-$155,000 or greater.
While refinancing last year, my house was appraised at $139,000 by a Landsafe employee, (Counrywide's partner). They informed me after I paid $300 that my home had depreciated in value by $9000. I informed them that I did not agree and desired a second appraisal. I was told that it had to be by another one of their employees who was supposed to be a neutral party? And he said my home was worth even less, a total of $11,000 less. The process took 3 mos. And during all of this mess I missed one payment and now I'm in default.
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