can you get a refund on a home appraisal if the lender misrepresented a loan?
I currently have a FannieMae loan with lender paid MI. When trying to refinance with another bank, I was told I would qualify for DURefi Plus. Once I was assured that I would qualify for this type of refinancing, I gave approval to order a home appraisal. I paid $370 for this appraisal only to find out that I didn't qualify for the loan because I did not fall within the parameters of the HARP program. I do not think it was fair of the lender to order the appraisal if he was unaware of the terms of the loan he was applying for! by dawn.chatten from Buffalo, New York. Oct 5th 2010
JENNIFER URANGA (JennatAmerifirst)
#43 ranked lender in Arizona - 40 contributions
You are correct it is not fair. It is the loan officer's job to find out if you qualify for this program BEFORE pushing you further into the loan process. Unfortunately there may not be a whole lot that you can do. The appraisal will most likely be non-transferable as well. I would suggest that you contact the loan officer's supervisor and go over the situation with them. They may be able to help you.I hope this helps you. Jennifer UrangaCNN Mortgage480-751-3723juranga@cnnmortgage.com
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
An appraisal cannot be ordered through the Lender's HVCC until you accept both of their GFEs. Both were negligent in this matter. If neither will refund your money, I suggest you take them to small claims court. Also, an attorney may find this is not an isolated case. The money is not that significant, but the negligence is. I hope you pursue this.Best wishes, Rudi
Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions
Look up your state's Dept of Financial Institutions that governs the mortgage company in question and report them to that entity that governs them...I bet you will get your money back..
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