My house was over appraised now i cannot refinance and my payments are 88800 and 40000 on second what do i d

Chery
hsbc overappraised my house at 120, 000 i used it to get all new windows and centria air

Edmond
Did they actually send an appraiser out? Or assign the value through their own comps??? This sort of thing happens too often.The subprime lending business is ugly, but you got what you wanted at the time, right? After your recission period has ended (3 days), there's not much to do. If HSBC did not follow federal or state guidelines you can file a complaint. You can check out HUD's site or begin with your own state's site, the real estate department, and there should be instructions to file a complaint.Here is some *basic* info on RESPA: http://mortgagemart.galatia.com/regz.htm… Lots of lenders/brokers do a bad job conforming to these guidelines.I suggest you educate yourself on predatory lending. Do a Google search on that.Wikipedia has some good links: http://en.wikipedia.org/wiki/Predatory_l…ACORN has *excellent* information: http://www.acorn.orgGood luck to you.

Sherman
Have you had a appriaser do a walk thru to give you an idea of the apprased value? With the addition of the windows and central air, that should increase the value. Do you have a prepayment pentality? Do you know what your middle credit score is? Lenders look at your middle score, to quality you. If you have a 580 + than you qualify for a 100 percent mortgage. If you have a 680 + you can even get a 115 to 125 % loan (of which I do not really like, but have done them). Some company's will allow what is called a AVM, where there is no appriasal needed, but the AVM is a automatic appraisal online, where it is automatic, comp's are pulled for homes in your area. If the AVM comes in short, and you have to ahve an appraisal, than one company I underwrite for will allow a increas of 15 percent of the actual appraisal be 15 percent more. So that is a option too. What is your interest rate now on your first and 2nd. Is there a benifit to you by refinancing? You will have closing costs associated with your loan again. Figure up your loan now, any prepayment pentality you may have and add those together. Than multi that by 4 percent, for closing cost. What is the total. Now go to any web site (even mine if you so choose), and plugg in the new loan amt, interest rate of say 7.50 percent (just an estimate ok, conforming and FHA rates are in the 6's, but 100 percent loans are slighly higher, so 7.50 is a safe bet. If your credit is lower than you are talking higher in the 8's. Is there a benift to you...???

Hyo
same crap happened to me with county wide home loans and i am pissed off. 1 and half years ago i took out an heloc for improvements and debt consolidation. Now i want to refinance my first and i am backwards. County wide over appraised the property using a computer rather then a human appraiser and it gave my home value worth 210k while it should of been 190 at that time. Now i need to come up with 20k to refinance! They will not do anything i am filing a complaint, i have paper work stating they came up with that value and i have the real estate agent that sold the house the property should have been valued at 190k. I think there were trapping me so i cannot refinance my 1st. I am hearing of class actions popping up with this. Dig in and do some research /talk to a Realtor what is should have been appraised at. feel free to send a message if you have any questions with this blafrance004@yahoo.com