Wednesday, January 12, 2011

Mortgage Refi is in Jeopardy!!

Our appraisal came in too low.  Like, way too low.

I talked to our Mortgage Guy (aka MG; who again, is terrific!) and he has submitted paperwork to have the appraisal looked at again.  The comps the appraiser used are very low, and as he is telling me where they are(a couple of miles away), I explained the pitfalls of those areas (one is next to a meat processing plant, and one is next to a psychiatric hospital).  Plus, the age of the houses are at least 50 years off from ours (one older, one younger).

So he pulled a few other higher comps that will weight the average higher.  And those houses are the next street over.  If the appraiser reconsiders, we will be good to go.  If not, we are out the appraisal fee, and it is dead in the water for now.   We would have to wait for the house value to go up.

I am now worried about this.  I was hoping to use the month off of our mortgage to pay off stuff, plus our escrow that we would get back.  If it falls through, I will still have to dig out from all of that. This was really going to catapult us into knocking alot of stuff out this year.  I know it isn't over yet, and MG is optimistic. 

But I am nervous!

1 comment:

  1. We went through a similar thing a couple years ago. I was a nervous wreck. Wanted to kill everyone involved. Between appraisels, septic systems that needed signed off on, permanent foundations, etc. I was on the verge of a heart attack every other day. It did work out, and I know it will for you! Hang in there!