Countrywide gave me a loan for a home that was over-appraised by the appraising company. This was a new construction home and there were several homes that were on the same street. Other homes, which were the same square feet, same upgrades, basically identical, were appraised $95,000 lower than mine. I closed my loan approximately 10 days apart from the other identical homes. The appraisal company, Landsafe, who has a contract with Countrywide to provide appraisal services, informed me that Countrywide did not double check the apprasial price prior to giving me the loan. When I contacted Countrywide they state that they cannot do anything for me at this point and that they must go with what appraisal estimate.
This is basically FRAUD... Countrywide pays the appraiser to raise the worth of the home and gets a homeowner to pay it, making them A LOT OF MONEY, yet, they have the same exact house appraised at a much lower price a couple of house down. The way I found out about this was because I ran a real estate comp on the value of my home and noticed the other homes next door where placed much lower. Beware for countrywide home loans and their fraudulent appraisals. They are looking to take money from innocent people. I should receive a new appraisal similar to the other homes to be fair.
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