Legal Question in Real Estate Law in Michigan

Mortgage Assessment

Hello,

I bought a house four years ago, re-financed two years ago, and would like to re-fi again now. Turns out the value of my home is not enough to do so. The man who assessed my house two years ago, is under indictment following the 'operation malicious mortgage' campaign.

I have not yet gotten another assessment. Looking at the values of the homes in my area, i figure mine has lost approximately 30% of the value from 2 years ago. I was informed that homes in my area have generally lost only 10%. I am wondering if i can legally re-coup the loss of that extra 20% due to some fraudulent assessments in the past, driving the values higher than they were worth? Plus, the money i am losing because i cannot re-finance?

Do i have any ground to stand on? Can i sue the company the indicted man worked for?

Thanks in advance for your response...

Ben


Asked on 1/29/09, 7:28 pm

1 Answer from Attorneys
Audra Arndt Audra A. Arndt & Associates, PLLC

Re: Mortgage Assessment

It does not sound like you have a case unless the appraiser inflated the value of your house to somehow get your refi to go through. House values have and continue to decline everywhere and it has nothing to do with appraisers or mortgage companies. If your mortgage company approved a loan or refi based on a bogus appraisal, then you may have a cause of action. A lawyer would have to review all of your documentation and get more facts to determine the strength of any claims.

If you want to pursue the matter and have a consultation, please contact me. Consultations and document review are not free, however.

Thanks.

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Answered on 1/31/09, 10:02 pm


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