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Answers (15)
- user190292
- Contributions:1
I am an investigator putting a report together from work that was done by
Landsafe and Countrywide/Bank of America. Any information that you could email me would be appreciated. The fraud that has been created by Landsafe and other appraisal companies dates back before 2005. I can be reached at 724-570-1578 or emailed at rbrebera@aol.com.
thank you,
Bob R
Landsafe and Countrywide/Bank of America. Any information that you could email me would be appreciated. The fraud that has been created by Landsafe and other appraisal companies dates back before 2005. I can be reached at 724-570-1578 or emailed at rbrebera@aol.com.
thank you,
Bob R
- Mark Collins, "emortgageprofessor"
- Contributions:4
If you can close the loan with PMI and then rescind your transaction, assuming you occupy the home as your residence.
The Truth in Lending Act provides some borrowers the right to rescind a mortgage. With this right, you can cancel a mortgage without penalty within three business days. The right to rescind was created to protect consumers from poor loan practices and unethical lenders. The law is very specific about which borrowers are allowed to exercise this right.
Read more: How to Rescind Your Mortgage | eHow.com http://www.ehow.com/how_6684023_rescind-mortgage.html#ixzz1U59h7AQl
One requirement of the Truth-in-Lending law is that if you rescind your loan it is like it never happened. The lender must also refund fees you paid.
You are correct Landsafe is notorious for this type of behavior.
You may still have time to dispute the charge with your credit card company.
Good Luck
The Truth in Lending Act provides some borrowers the right to rescind a mortgage. With this right, you can cancel a mortgage without penalty within three business days. The right to rescind was created to protect consumers from poor loan practices and unethical lenders. The law is very specific about which borrowers are allowed to exercise this right.
Read more: How to Rescind Your Mortgage | eHow.com http://www.ehow.com/how_6684023_rescind-mortgage.html#ixzz1U59h7AQl
One requirement of the Truth-in-Lending law is that if you rescind your loan it is like it never happened. The lender must also refund fees you paid.
You may still have time to dispute the charge with your credit card company.
Good Luck
- wes1960
- Contributions:1
You are being SUCKERED if you pay Landsafe anything.
This is 100% scam. Bank of America bought Landsafe in 2008. It is clearly a legal (& borderline fraudulent) conflict of interest to insist that your customers must hire your company for an appraisal.
The reason it's an illegal conflict of interest (legal definition) is they win both ways - If you get PMI removed, they collect the appraisal fee. If you do not, they collect the continuing PMI junk fees.
This will not hold up in court as a legal/valid contract and is being challenged all over the country.
But the fact is, the strategy is to have Lansafe come in with an appraisal that is 10-40% below what is required to have PMI removed. Then IT'S ON RECORD that your house is now worth what you owe, and you're STUCK paying PMI, limits your ability to refinance, etc.
Never ever pay a dime to Landsafe for any reason. This is 100% scam, and it will come back to bite you.
This is 100% scam. Bank of America bought Landsafe in 2008. It is clearly a legal (& borderline fraudulent) conflict of interest to insist that your customers must hire your company for an appraisal.
The reason it's an illegal conflict of interest (legal definition) is they win both ways - If you get PMI removed, they collect the appraisal fee. If you do not, they collect the continuing PMI junk fees.
This will not hold up in court as a legal/valid contract and is being challenged all over the country.
But the fact is, the strategy is to have Lansafe come in with an appraisal that is 10-40% below what is required to have PMI removed. Then IT'S ON RECORD that your house is now worth what you owe, and you're STUCK paying PMI, limits your ability to refinance, etc.
Never ever pay a dime to Landsafe for any reason. This is 100% scam, and it will come back to bite you.
- reckontheirlife
- Contributions:1
This is a scam Bank of America uses to yield themselves loan application fees. My house was appraised in less than fifteen minutes for $25,000 less than their appraisal 5 years earlier. Now I am$400 deeper in debt for the loan application fee.
This is only a $100,000 home.
Bank of America makes me want to puke.
This is only a $100,000 home.
Bank of America makes me want to puke.
- HomeSand.net, "White Picture"
- Contributions:4397
As my knowledge, If you apply the loan through the broker (usually you get lower rate and fee), you will lost the appraisal fee whether the loan is approved or not, and if you apply directly from the bank (which is higher rate and fee), you will not lose any fee if the loan was denied.
Last 4 months, one of my loan was denied by BOA (investment property, low appraisal) and I don't lost any fee because of it, and last 2 months my refinancing for the primary home went through by the broker, which I agreed that I will lose the appraisal fee if the appraisal came as low.
Last 4 months, one of my loan was denied by BOA (investment property, low appraisal) and I don't lost any fee because of it, and last 2 months my refinancing for the primary home went through by the broker, which I agreed that I will lose the appraisal fee if the appraisal came as low.
- Andrew Adams, "203K Specialist"
- Contributions:9349
White..Don't know the last time you got a mortgage but in todays market..If I order an appraisal I am having the borrower pay for it. If the loan doesn't close for any reason. That appraisal fee comes out of my pocket. It is a sure way to go out of business paying for appraisals on loans that never close.
- HomeSand.net, "White Picture"
- Contributions:4397
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
Any money gained from unused appraisals would be very small compared to money lost from loan files that get underwritten and locked but never close. Bank of America did not profit from your loss. They lost as well.
It isn't a scam.
The problem is a result of countless highly qualified appraisers with several years experience who are not willing or able to work for the discounted fees offered through the mandated appraisal management companies. The remaining appraisers in the field are overworked and in some cases underqualified.
- Maryellen Hurley, "Harry110"
- Contributions:3
This is only my opinion, but I think the scam is as follows: the appraisal fee is more expensive than an independant appraiser would charge. Bank of America actually ownes Landsafe. Landsafe charges $475 for the appraisal and a portion of that fee goes back to Bank of America. Same principal as overdraft fees, account fees etc. Do they make a profit off of PMI as well? I'm not sure maybe someone out there would know the answer. Again I have a reliable mortgage broker. I own several investment properties. This has just started happening to him. He told them if this was not reconsidered it would be the last loan he sends them, but I really don't think they care. If Bank of America does this to a few thousand borrowers, would they make a significant profit?
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
I don't quite get the scam part here. Who exactly is winning in this transaction?
- Andrew Adams, "203K Specialist"
- Contributions:9349
HVCC is to blame...I think you can find plenty of lenders that came on these threads and expressed concerns that all HVCC would do is increase the cost of an appraisal and decrease the quality...I would not be surprised if we started seeing more and more folks share stories like this.
Although I would question why your broker would continue using BoA if the appraisals keep coming in that low.
Although I would question why your broker would continue using BoA if the appraisals keep coming in that low.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
We already told you what to do. Call the lender Paul linked to and he will provide you with better service. If your broker has had this happen before and continues to use BofA he is the problem.
- Maryellen Hurley, "Harry110"
- Contributions:3
I am dealing with a local broker. He has had the same thing happen on the last four loans he sent to Bank of America.
Apparently this is the newest scam on the consumer. Bank of America forces your mortgage broker to use Landsafe Appraisal which Bank of America actually owns. The appraisal fee is more than an independant appraiser would charge because part of the fee is kicked back to the bank. (Bank of America receives a portion of the appraisal fee). The appraisal comes in low so that the borrower has to either walk away and lose their appraisal fee, pay pmi to refinance or pay the mortgage down before they can refinance. The rate is a teaser rate. Mine was 3.5 with no points. Since my appraisal came in 250K less than another lenders spring 2009 appraisal, I can't get the loan without pmi or paying down my loan significantly.
I just want to warn everyone out there about this. I had no idea when I began this process of this scam. Any advice on what I can do?
Apparently this is the newest scam on the consumer. Bank of America forces your mortgage broker to use Landsafe Appraisal which Bank of America actually owns. The appraisal fee is more than an independant appraiser would charge because part of the fee is kicked back to the bank. (Bank of America receives a portion of the appraisal fee). The appraisal comes in low so that the borrower has to either walk away and lose their appraisal fee, pay pmi to refinance or pay the mortgage down before they can refinance. The rate is a teaser rate. Mine was 3.5 with no points. Since my appraisal came in 250K less than another lenders spring 2009 appraisal, I can't get the loan without pmi or paying down my loan significantly.
I just want to warn everyone out there about this. I had no idea when I began this process of this scam. Any advice on what I can do?
- Paul Mondello, "Paul Mondello"
- Contributions:2097
Call this guy SHAP
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Stop dealing with the big banks and find a good local broker to help you.
What can you do about really low appraisal by Landsafe? $249K less than a Spring 09 appraisal.
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