Bank Issues/Home Value

[WebLady]

We got a notice from the bank (Wachovia) saying that our home was recently appraised far less than what the county says it is. So they have suspended our equity line because of this.

DH called today to try and figure it all out and find out where they got the figure. Well they can't provide us with any documentation; they guy kept saying it was done electrically by some 3rd party and they couldn't give us any information ... so it is like they just made up some number!

They guy (he actually talked to several people) said if we paid for an updated appraisal ($300+) that we could apply for a new equity line. Of course we can't do that right now and even if we did we wouldn't go it with Wachovia at this point.

DH is furious and finally hung up on them :realmad: I just don't understand how they can do this.

We are going to try to complain to the BBB and anyone else that we can; even if it doesn't help us directly.

[NurseLau84]

Oh my god! Sorry that happened.......I'll have to yell at my uncle, he's VP of Wachovia. :bbredface:
I'm curious where they got that figure from, too. So does this mean you can't continue renovations, etc.??? The whole thing seems fishy, I don't blame your husband for getting pi$$ed!

[WebLady]

Well are still working on the master bathroom right now and have the money for that worked out. We just won't be able to do the other bathroom and the kitchen and the yard for a while; but we weren't going to be able to do that for a while anyway.

However this was going to be our buffer in case things got tight and now we don't have that. So DH said we will just have to stop trying to pay off the other debt and just pay the minimums so we can have some left to save for taxes and all.

I hate worrying about money ... sure it could be worse ... I just pray it all works out and doesn't get worse.

[NurseLau84]

Is the other debt really substantial?? Could you consolidate it somehow? Or if it's CC debt, maybe you could transfer it to a company with a lower APR.....
I'm sure it will work out. Things everywhere just seem to be going awry lately....:(

[WebLady]

Is the other debt really substantial?? Could you consolidate it somehow? Or if it's CC debt, maybe you could transfer it to a company with a lower APR.....
I'm sure it will work out. Things everywhere just seem to be going awry lately....:(Yeah, it is mostly CC's and he has consolidated a couple of the cards by transfering balances to lower interest cards and such.

It will work out ... thanks for letting me vent :grinhappy:

[SerendipityCrafts]

Sounds like what is happening everywhere due to this "economic crisis" .... they are reining in credit; lowering it or taking it away altogether. I would bet that it has nothing to do with you or DH but everything to do with nervous lenders. It sucks that they don't have to give you any kind of real explanation though.

[WebLady]

Yeah, that is what DH was saying ... I just don't understand why they picked us; we have never missed a payment or been late or anything! Then what is up with the "made up" figure and how they got it?!

Oh well, hopefully all this will get better soon!

[Kfancii]

Sorry to hear this Brandi- It stinks that they are doing this to people who have been good customers and never missed their payments. I have a feeling that it is going to get harder and harder to get credit in the near future even if you have a good credit rating. Thankfully, I think we are a point where we will not be needing to buy anything big for a while and can afford to pay cash for everything we do need now.

[EarlyBird]

We got a notice from the bank (Wachovia) saying that our home was recently appraised far less than what the county says it is. So they have suspended our equity line because of this.

DH called today to try and figure it all out and find out where they got the figure. Well they can't provide us with any documentation; they guy kept saying it was done electrically by some 3rd party and they couldn't give us any information ... so it is like they just made up some number!

They guy (he actually talked to several people) said if we paid for an updated appraisal ($300+) that we could apply for a new equity line. Of course we can't do that right now and even if we did we wouldn't go it with Wachovia at this point.

DH is furious and finally hung up on them :realmad: I just don't understand how they can do this.

We are going to try to complain to the BBB and anyone else that we can; even if it doesn't help us directly.


unfortunatley, i see this alot in mortgages. its very common for them to go ahead and do a "paper appraisal" this means that they look at the average price of the homes sold/for sale in your area right now and in the last 6 months. they average that into your equity and its b/c when you received your equity line, thats part of how the appraisal is decided upon and they need to change it, fluctate it with the times.
look over your documents you signed. some say they CAN NOT CHANGE OR TAKE AWAY YOUR LOC (LINE OF CRED) if your making the payments etc, some say b/c they hold the LOC its up to their discretion to change it..

[EarlyBird]

Yeah, that is what DH was saying ... I just don't understand why they picked us; we have never missed a payment or been late or anything! Then what is up with the "made up" figure and how they got it?!

Oh well, hopefully all this will get better soon!


you should know its not that they picked you, they are doing it with EVERYBODY!!!! honestly, its all banks too. they know they are having these problems where everybody is upside down and one of the stips for them with the bailout was that they didnt ALLOW people to wind up getting themselves in trouble.. (for example lets say for namesake your home is worth 100k now but when you bought it worth 250 and you took a mortgage for 150- then took an equity for 50- you now are 100k over what your home is worth. if you went to go sell it you would get 100k but you would STILL owe 100k and they know thats not a possibility for someone to pay back out of pocket...its a protection to them since houses have literally dropped 100-500k in value on the high end)

[WebLady]

Yeah I think they mentioned something about homes sold in the area or whatever and something about it being in the fine print :bbrolleyes:

I just don't understand how according to our property taxes that our house is worth way more and the bank refuses to provide us with any "proof" of where/how they came up with their figure.

But I guess I am not going to worry about it since there isn't much of anything we can do about it anway. We are not going to be able to move soon anyway so under/over selling won't be an issue for a while now.

Hopefully when we do get around to selling then the remodeling we did will help raise the value enough for us to at least break even.

[EarlyBird]

Yeah I think they mentioned something about homes sold in the area or whatever and something about it being in the fine print :bbrolleyes:

I just don't understand how according to our property taxes that our house is worth way more and the bank refuses to provide us with any "proof" of where/how they came up with their figure.

But I guess I am not going to worry about it since there isn't much of anything we can do about it anway. We are not going to be able to move soon anyway so under/over selling won't be an issue for a while now.

Hopefully when we do get around to selling then the remodeling we did will help raise the value enough for us to at least break even.


well they by law have to provide that you, just keep calling and hope for a less lazy person at the bank!!!
also, call the appraiser who did your appraisal first, you may find that they will come do a "recert." appraisal for like 100 bucks... if they maintain and give proof that your house is worth less (which dont be surprised in this market), then make sure you call your county prop. appraiser and let them know so they can lower you taxes accordingly b/c this "field inspection" the bank did (the paper inspection) is not required to be given to the state for filing purposes b/c technically it wasnt for tax purposes.. so they will not send it to the prop. appraiser unless you request it

[WebLady]

well they by law have to provide that you, just keep calling and hope for a less lazy person at the bank!!!
also, call the appraiser who did your appraisal first, you may find that they will come do a "recert." appraisal for like 100 bucks... if they maintain and give proof that your house is worth less (which dont be surprised in this market), then make sure you call your county prop. appraiser and let them know so they can lower you taxes accordingly b/c this "field inspection" the bank did (the paper inspection) is not required to be given to the state for filing purposes b/c technically it wasnt for tax purposes.. so they will not send it to the prop. appraiser unless you request itYeah that is what DH was trying to do is get some sort of proof so that if nothing else we could try to get our property taxes lowered. He talked to several different people at the bank and everyone kept saying they just didn't do that.

He called the property tax people too and asked them about a reappraisal; I think they said we would have to pay for it. DH said he'd look more into it all later, so I am gonna let him handle it (everything is in his name anyway) and just try not to worry about it