Requested a re finance mortgage in 2011 to obtain a greater price and cash-out some collateral. Was informed from the pursuit repetition all needs were fulfilled and also the last action was to obtain an evaluation. The appraiser arrived as well as in < 10 minutes was finished. He did not ask any questions nor listen to me as I tried to explain and show him all the outside and inside improvements that had been made since 2007. All these improvements were between 2009 and but most were in 2010 and 2011. I applied for, and was approved for a re-finance loan in 2007 to get a better rate then the original loan rate. I was shocked to find that he appraised the property at 112k. I have documents from the 2007 loan that stated that the market value of this property was 200k. Prior to the appraisal, I checked other property values in this lake front sub-division as well, as my own using online and realtor information. There is not one piece of property in this sub-division that you could purchase for 112k. Not even undeveloped lake front property. So with that appraisal the loan was rejected. I asked the chase rep how could this be a fair appraisal, she sided with the appraiser. When I looked at the appraisal documents, this property was not compared to any property near here nor with the same size, number of bedrooms, amenities, etc. Using the 2007 re-finance papers and the 2011 appraisal documents this house shrank by 1000 or more sq ft. Chase refused my request for another appraisal. Just to show you how Chase did this purposely I checked my current credit report. There is an entry for the original loan, and the 20011 loan request, but the 2007 loan entry had been deleted. This would have shown what they thought the property was worth in the 2007 loan request.
Has Pursuit completed this to other people? Has anybody successfully prosecuted or else got some recourse from Pursuit? If so just how. This really is a typical example of where these companies are to 'large to crash', and also to 'large to combat'.
0 comments