I have a house loan for 300k they included my paid for another house and all 48 acres.

  • September 30 2012 - US
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Answers (3)

The appraisal was done for 42 acresto secure down payment.
  • September 30 2012
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I had it appraised the land and house is worth 205k. It was partly my fault I went over by 50k on the home loan. After that they wanted to secure the loan with my other property. I was misled and totally felt cornered at closing by the bank. Basically My new house is worth about 350k and they have my 205k property rolled up in it. They did not stop there in closing they had the rate set for 6.5% and after 3years it becomes a variable rate. They also wanted a year and a half prepaid insurance on the house at closing along with insurance on the other house put into escrow and I said no way they did change that. I thought I could refinance but it has been so hard in just keeping it together.
  • September 30 2012
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You need to look at the paperwork to see what you signed. If they wrongly wrapped more than the agreed property into the loan, there may be something you can do, but the sooner you take a look the better.

Did you have an appraisal done? Did it include the paid for house and other 48 acres?
  • September 30 2012
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