My husband and I decided to take advantage of the low interest rates and refinance our house. We received a call from Nate Flesher of Quicken Loans who explained how much money that we would save by doing this and all that would be required is a 400 dollars good faith deposit which would be used for the appraisal. I was a little hesitant because of the shaky housing market but was told by Nate that worst case scenario, the appraisal would come back low and we would be able to go to the tax assessors office and have our taxes lowered, he further assured us that maybe 1 out of 20 appraisals come back lower than what they are assessed at. We decided to go forward and gave him our credit card number. About a two weeks later, the appraisal took place. The appraiser DID NOT take any measurements of our house, did not check any of the improvements that we had done and just walked through took a couple of pictures and left. A few days later, we got an email from Nate saying the appraisal come back at 89,000 dollars much lower than our tax assessors office has the house valued at. I called Nate Flesher and told him that this was not correct. He told me that the appraiser used houses that are not even in our neighborhood to get the value of our house and the appraiser stated that no homes have sold in our neighborhood therefore they had to use home in different areas. I asked him how I could fight that since I know the house is worth more than the amount the appraiser gave. He told me to get a Comparable Market Analysis from a realtor and to fax it to him and he would have his underwriters look at it and make a value appeal. I did this and it showed that several houses had sold with. 5 miles of our house which the least expensive one being sold for 102,000 and the most expensive for 160,000 within the last six to eight months. I waited over a week to hear back from Nate and finally got another email from Nate saying that the value appeal was denied and they would be unable to close the loan. We took a copy of the appraisal to the tax assessors office and was told that they would not lower the value of the house to 89,000 since they know that the house is worth more. They said we live right across the street from the school and 500 feet from a hospital and that makes our house prime real estate. We got home and once again called Nate to dispute the appraisal and he did little more than give us the brush off. We then called his supervisor Steven Luda to get him to intervene and correct this situation. We explained the whole situation and he proceeded to tell us that they reason our house was valued so low is because of the Comparable Market Analysis that I had sent in. How was that the cause of it when the appraisal said the house was only 89,000 prior to me faxing the report in? Further, the Comparable Markey Analysis showed that houses in our immediate area are selling for at least 102,000. We then informed Mr. Luda that we record all conversations especially when we are going to be giving a company a large amount of money because we have learned the hard way that most companies are not to honest and we have Mr. Nate Flesher on recording stating that if the appraisal came back low then the tax assurors office would lower our taxes and that he had lied to us because they absolutely refused to do so because our house is worth more than then subpar appraiser that Quicken loans hired that was not even a local appraiser (they are almost an hour away from us). Mr. Luda response was that they were not going to do anything about the situation and that they are standing by the appraisal. To really add fuel to the fire, we got a phone call from both Bank of America and Chase after this phone call telling us that they have our house valued (from information gathered online) at 105,000 dollars and they would be willing to refinance the house. However, we are still out of 400.00 because of this scam of a company. I am not done with Quicken loans yet, I have several tape recorded conversation that have taken place with Nate Flesher and the one we had with Mr. Luda and they lied to us which I will be turning over to the Attorney Generals Office in both Kentucky and Michigan. Looking now, I can see that we are not the only people that Quicken Loans has done this too and we will not be the last but I will not just sit back and let them lie to me without fighting back.
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