Blog Entries Tagged: Appraisals

Tagged : Appraisals

Found 1 blog entry tagged as "Appraisals".

Do banks commit fraud? Do they steer appraisals? They do.

There is so much talk about how borrowers have defrauded the system and manipulated appraisals. Which I have no doubt they have but I represent several distressed borrowers trying to work out short sales and the lack of integrity on the part of some banks (not all of them) is astounding.

The Foreclosure

A Utah bank forecloses on a property and has an internal appraisal thirty days prior to the foreclosure for $275,000. The borrower owes $276,000. The bank buys the property back at the foreclosure auction for $245,000 and sues the borrower for $31,000 plus legal fees. When this property was purchased the borrower put 30% down and had made payments for three years on a 20 year amortized

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