Five years ago, I was solicited by Household Finance about obtaining a 2nd mortgage through their company. They sent an appraiser to my condo, who assessed the property more than $30,000 over its actual value. HFC then gave me a $30,000 loan based on this appraisal. The rate was over 13%.
Since then, I have attempted to refinance my first and / or second into one fixed low interest rate. I have been unable to do so because I am "upside-down" on my loan. The reason being was that The property value was no where near what HFC and their "reputable" appraisers claimed it was.
Five years later, the appraiser on my property is $30,000 less than what they claimed it was 5 years ago when the provided me the loan. Now, I am locked into this incredibly high interest rate with no hope for refinancing until I can pay HFC back for the loan plus the high interest charges.
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