New Century Mortgage Cold Hearted Miserable BXXXXXXX Irvine California

I truly am sorry this happened to you since I do not wish bad fortune on anyone. I am replying to this post to help others from making the same mistakes you did.

First, before most of us refinance our home, we know approximately how much our home is worth. If we don't we really should.

Second, just because an appraisal comes in at way more than our homes are worth, we do not have to borrow all that additional money (it is tempting, though). It may sound good now to get a lot more than our house is worth, but it will come back to bite you in the long run.

Please, everyone, lets try to find out approximately how much our homes are worth before we refinance and take out that extra cash. Especially if you are in an ARM mortgage. You don't have to pay for a real appraisal, go online and see what the homes in your area are selling for. Let's do our homework so that when we go to refinance after the prepayment penalty, we are not denied because we are "upside down". Remember, they don't want us to be able to refinance. If we stay with them, they get to "jack" up our interest rate after the intitial period and make more money. Their excuse is basically that they offered us more money and we borrowed it. Even though they raised our mortgage, they still loaned us the money. Money we got and spent (right away if you're anything like me).

Well Karen institutions like that is what gives my business a black eye. I have been a loan officer for three years now and when I hear stories like this it really makes me realize why loan officers get a black eye. Inflated appraisals I know way too well. I have had several appraisals come in low over the last several months and it is because the current mortgage company bribed the appraiser to inflate it so they can get paid on the deal.

What I would suggest is getting a copy of your old appraisal(which is your right!)and take legal action on this for making your life hell. If there is no supporting documentation to your homes inflated value before you may have a legitimate shot at some successful litigation.