They actually contacted us. Promised that they could do the loan and took $485 up front (highest price I have heard of for an appraisal).
Landsafe sent George Sauer to appraise the house and his appraisal came in $77,000 lower than the previous appraisal.in his appraisal he states that home prices have held steady in the area. How did it lose $77,000 in value in six months?
Several other atypical things went on with this appraisal. The loan officer, Delma, reviewed his appraisal and determined that it was not professional. She said she was forwarding the info to her supervisor so that he could be removed from the landsafe list of appraisers and they would order a new one. Now, she claims that she can't help us out with the loan, there won't be a new appraisal, we won't see a refund and the appraiser is still working for landsafe. Wow! I don't have any words to describe this kind of treatment.
I know that countrywide stock has lost more than 90% of its value over the past year and the CEO is under investigation by the SEC, but maybe they should try to salvage what is left of their business by doing things right from now on. Stealing fees for admittedly fraudulent appraisals and lying to potential customers seems like a sure way to take their $5 stock all the way to $0.
Don't use full spectrum lending and don't pay any money up front until you have it in writing that landsafe appraisers won't be on the job.
I have copies of the emails I have referenced here if anyone is interested.
If the money is refunded, I will update this report to reflect that. Until then...
0 comments