Feb. 20th 2009 I called Countrywide who we are currently with at 6.25% to get a lower rate of 4.5%. We had an appraisal done when we went with Countrywide in Oct. 2008, that appraisal was done by a local appraisal company and came in at $400,000. On Feb. 25th we gave Frank Barboro from Countrywide $400.00 for the application fee. He stated we needed to get another appraisal from their appraisal company even though it was less than 6 months since the last one. We received the paperwork, faxed it back with the necessary documentation they required. Two weeks later the appraisal company representative called for time to do the appraisal. Her name was Monica Torre-Ricker, C.R.A., her address is 26 Riverview Park Drive, Bettendorf, IA. 52722. We waited another two weeks and received a call from Frank Barboro stating that they had received the appraisal report and it came in at $280,000! We could no longer get the loan, plus we also received an invoice for the appraisal report for $245.00.
We live in Iowa, most property values have decreased only 6%. It was the comparables which did not in the least fit what we have. We have 10.97 acres, a barn with stables and an indoor arena, a one acre stocked pond and wooded lot. The best thing is we are off the road back from any traffic so we have no direct neighbors. In other words we live in our own park.
I had read the problems with Countrywide but since we were already with them we decided to go for the 4.5% which would help us out greatly in these times. They stalled, no one called me back or are questioning the appraisal even though they accepted the one back in Oct. I do not wish to pay for this appraisal. What do I need to do to dispute this appraisal and turn in Countrywide as a scam organization. We wish to get away from them now, but I need to know if this last appraisal will follow us?