My wife and I closed on our home September 11 with a purchase price of $235,000. A year later we attempted to refinance - then learnig the true value of our home, (building value $111,132 and the value of the land is apppraised at $28,000 - total of $139,132). After numerous request for a copy of the apprasial - (first request was made the day of closing) and reviewing the value validation for taxatioin basis devloped by the Monroe County, PA Tax Assessment Office, we uncovered gross irregularities that influenced an inflated purchase price, such as, inaccurate square footage & description
of the contents of the home, apprasial stated we had a fire place, hooded range, refrigerator, washer & dryer (untrue) and most importantly, the method of market comparison was totally defective.indy Mac Bank failed to take the proper steps to insure the true value of our home, subsequently, making us victims of predatory lending practices. They failed to hed the warnings from Freddie Mac in regards to mortageges being written in the Poconos.
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