HSBC Watch News Release Forum Index
Forum Name: - HSBC Mortgages
Topic Title: Inflated Appraisal Question
Sun Feb 26, 2006 12:44 pm
John in Illinois asks: "I believe my house was over appraised for a Beneficial re-finance. Is there anything I can do about this? If it is determined by some process to be the case can I get damages of some kind?"
The answer:
Over the past 5 years with this question we found the best way to get results is to do the work for any regulator or agency to which you forward your complaint. In other words you should probably pay for a new appraisal and compare the two. This assumes you have the original appraisal or a copy of it, amount of time from the first appraisal until the new one, appreciation or depreciation, etc.
Another technique used comes courtesy of a realtor. They can do a comparative market analysis of your neighborhood, showing the average, high and low values both now and in the past. That might help.
Each state has a list of certified appraisers. They must reapply either annually or every two years in most states. Here in Missouri we can call the state office directly and they give us limited information. If an appraiser is causing problems for them sometimes you can get more information if the state employee is willing to speak off the record.
Fraudulent appraisals should be reported to the licensing office, the state attorney general, and the Office of the Comptroller of the Currency. Part of the Justice Department, the OCC is the federal regulator that oversees mortgage lenders such as Household HSBC. Their telephone number is 1-800-613-6743.
Please note that the OCC has a hard time with HFC and Beneficial. If that is what your report pertains to please note that HFC and Beneficial are state regulated and therefore the OCC has different hoops to jump through at every level of government. That's why it is very important to notify your state attorney general.
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