Ok, i am taking a new job out of state in two months and have to start a new job so i am selling my townhome. I sat down with a realitor today and he told me the comps are 185k, now i owe 205k. well a year and a half ago i took out a HELOC for 70k, they said the home was valued at 220k and i took there word for it! I used the money to pay off medical bills, student loans and cc debt. They used a AMV? not a actual appraiser to come up with that market value. I told my relitor about this and he looked up actuall comps at that time and found that they were 183k at the highest at that time. He told me i would have a good case?/any suggestions or heard of this?
2007-02-08 11:46:25 · 2 answers · asked by bryan l 1 in Politics & Government ➔ Law & Ethics
Welcome to the mortgage bubble. This type of lending has been wide spread throughout America and you are not in a unique position. There is a complicated formula that was used for your equity take out, and that is what you did. There are millions of Americans who are and will be in the same position as you are.
Read your paperwork on the loan, especially the fine print, there is usually an increase in the monthly payment after four or five years if you are making interest only payments, I am not an expert in this field but you cashed in on the bubble market and it will be very expensive to fight this in court. The reason I say this is because of the millions of home owners who have done this.
If the courts found in your favour, there would be millions of these suits going on causing a market crash in the United States the would make the dollar worthless.
Peace
2007-02-08 12:04:07 · answer #1 · answered by nmp948 4 · 0⤊ 0⤋
Yes, several times. Try the site below for research on this issue. Make sure to change the location/state in which you reside. Hope this helps.
2007-02-08 12:05:04 · answer #2 · answered by citronge69 4 · 0⤊ 0⤋