If appraisal is set too high, homeowner will find home difficul...

Full story: Akron Beacon Journal

When mortgage counselor Fred Vaughn and his wife decided a few years ago to tap their home equity to pay off bills, he learned firsthand about one of the dirty secrets of today's lending environment.
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1 - 3 of 3 Comments Last updated Mar 27, 2014
BJBB

Huntsville, AL

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#1
Jul 24, 2006
 
Anyone desparate enough (or dumb enough) to go for this type of scheme deserves to lose their home. They wouldn't need to "consolidate bills" if they lived within their means in the first place. People who find themselves in this situation are the ones who have already used credit unwisely. Once over their heads, they put their homes on the line to try to cover it.

It's not the lender's fault. The borrower should research what his home is worth before taking a loan, realizing the risk involved and the fact that he may be overextending.
Tobi

London, UK

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#2
Mar 26, 2014
 
This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/44kQUQ ) too my friends and family.
Homeless Wino Pete

Akron, OH

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#3
Mar 27, 2014
 
Come on and appraise my fridge box, beeyotches.

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