My husband and I applied for a home equity loan in August through Centex's office in New Jersey. We were approved with no problem and provided an Appraisal that was completed in May for our refinance. We were told we could use this since it was not more than 6 months old. The appraisal was sent to the Appraisal Review Department in Texas and came back asking for the name on there to be changed from our refi company to Centex. The appraiser did this and was sent back.
The Texas office then requests for more comps in the area since the ones that were provided we were told were outdated. One was from 2002 and the others were from 2003 (I don't know what they consider outdated). Anyway, the appraiser again provided the additional comps that were requested and the appraisal was recertified and sent back.
Our house was purchased for $370,000 and the appraisal 1.5 years later came in at $570,000. The area where we live is nothing but preserved land and the homes have only increased in value and now we have a situation where demand is more than supply. It has now been two days and no reply to our emails, phone calls, etc. To the NJ office. Now, I could reapply again but why should I since I was already approved and the appraisal is fine.
I was hoping someone could offer me some sort of re-course to this situation. It is very frustrating because we are dealing with a NJ office and a Texas office and I have no idea who to talk to also since no seems to return phone calls with updates.
Thanks,
Rita
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