We paid $400 application fee to submit our application to refinance. Countrywide sent out a local appraiser of THEIR chosing to appraise our home. We were told by a countrywide representative that the appraisal came in at a good amount and she told us the amount. The amount was still $100,000 less than it was two years ago but we were ok with it since we could still refinance under the "O'bama" plan. Because of the "O'bama" plan we had to go to Countrywide to refinance since they hold our original note.
Unfortunately the tables turned and we were told that our account representative messed up and that "LandSafe" reviewed our appraisal and tore it apart without ever coming to see our property. They reduced our appraisal by $95,000. WOW! We had no idea that this was even a possibility and are now being told we must bring in lots of $ to the closing or our refinance will not go through and we will loose the great rate we are locked into. We spoke to the person who did our local appraisal and he could not believe it. He said he was very conservative with our appraisal and put it as low as he could. He told us to appeal it. Countrywide said that in order to appeal it we must find 4 different compariable sales in our area. We have another appraiser coming out to appraise our home in hopes of appealing their decision.
I am, however, not very optimistic that they will change the Landsafe value. I was told however, that if our loan doesn't go through then they will refund us the $400. After reading all the ripoff reports concerning Countrywide, I am now concerned that that might not happen and things could get worse such as Countrywide adding insurance to my current payment. I am writing this in hopes of keeping others from stepping into the same trap or in hopes of hearing something positive that could come from this. Countrywide did fax us the two appraisals. I just don't know if what they are doing is legal or not. I thought "O'bama's making housing affordable plan" was to help people, not make things worse. O'bama's plan doesn't work first of all because you can't go to another lender to refinance. You have to stay with your lender and why would your lender want to give you a lower interest rate when you are alreading paying a higher one? Again I am learning, if it sounds to good to be true....then it is.
Somewhere in, Arizona