York And York

Don't Be a Victim of Mortgage, Lending and Appraisal Fraud

I have been encouraged to bring awareness to homebuyers across the country that may still be vulnerable to predatory appraisal and lending practices.

My objective is to have a broadcast and print draft sent to all the major TV, Newspaper and Media outlets so that they too may independently bring attention to the citizens within their scope of influence.

As this problematic situation hits a silent representation on the market, we are hoping to provide some sort of measuring device to account for the depth of this problem in each state. This is where the media comes in.

If legislation was suggested in every state that made it a REQUIRED OPTION in the mortgage contract for the buyer to either accept or decline the $275 Appraisal Review in the interest of helping them protect their investment and their family’s economic future then this same document could also be utilized to possibly reduce the homeowner’s city taxes.

If the $275 Appraisal Review is rolled into a 15 year mortgage contract, that would translate to an additional consumer expense of $1.53 per month. Situation is solved!!! A 30 year mortgage would cost the consumer a whopping .76 per month!!!!

This policy would also provide the appraisal industry and professionals with greater checks and balances and put more money in the appraisal industries pockets to put food on their family’s tables due to an increase in consumer demand for appraisal services.

However, the major benefit here it to provide both the borrower AND the lenders confidence in the collateral they signed on for the next 15-30 years of their lives.

State legislative bodies meet at different times in different states. The Texas Legislature is not set to meet again until 2017.

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Here is the "Joe Blue Collar" version of my events:

A SOLUTION IS A HAND!!!! My name is CHRISTOPHER BRUNING, and I am a recent victim of Texas residential appraisal, mortgage and lending fraud but I have a solution for you and your family! My hope is to help others in any way possible before I attempt to move past this incredibly devastating economic hardship that will last for the rest of the years that I am able to work and provide for a family.

Today I had a long visit with the Texas Governor’s office and one of the suggestions I came up with for his consideration would to implement a policy that has just the right amount of safeguard in it to prevent the predatory practices that happened to me.

ALL a new home buyer has to do is conduct an “Appraisal Review” on the property before the two year Statute of Limitations expires.

The solution is a win-win for everyone involved. In the letter below I emphasize the fact that if a new home buyer gets a simple and CHEAP “Appraisal Review” for their property inside the two years after they purchase the home it will save them from the financial damage that happened to me?

Well….What if legislation was suggested that went into the sales contract/mortgage that made it a REQUIRED OPTION for the buyer to either accept or decline the $275 Appraisal Review to help protect themselves & possibly reduce their city taxes.

If the $275 Appraisal Review is rolled into a 15 year mortgage that would translate to a consumer expense of an additional $1.53 per month. Situation is solved!!! A 30 year mortgage would cost the consumer a whopping .76 per month!!!!

As I have never had the need to reach out to a government body, media outlet or consumer advocacy group in the past, I appreciate your patience and guidance on how to maneuver through the various networking channels and individuals that might be able to help bring this consumer rights issues to the forefront of the appropriate parties.

Again, my honest and pure intent is to reach out to as many legislative members, media outlets and consumer advocacy groups that have the ability to protect buyers from predatory consumer financed mortgage appraisals and lending transactions that 99% of new home buyers would NEVER discover before their consumer right expire after only two years of being in their new home.

Can you help with the storyline below or perhaps refer me to an individual in a specific reporter, committee member or consumer advocacy group that would be interested in protecting home owners from predatory appraisal and lending practices that still destroy families with economic hardship across all states in the US?

TEXAS and US HOMEBUYERS BEWARE!

You’ve just bought the perfect house. The sale went smoothly and you’re ready to live happily ever after right? Maybe not! “Functional obsolescence” and “diminished site utility” could rear their ugly heads. Never heard of them? Neither had I.

If you recently bought a home in Texas, or anywhere in the country for that matter, and you use the Homestead Act for tax relief, DO NOT let two years pass before you obtain an “Appraisal Review” on your property. I made this mistake and it has cost me dearly.

My story is unbelievable but true. Ten years ago I bought a three bedroom house on two + acres in Dallas and unbeknownst to me, my loan approval was based on a faulty appraisal. I found out three years later when I tried to sell my house and discovered that the appraiser had not only overvalued my property by $85,000 but also put me in a position where I cannot sell my home as a three bedroom because one of the rooms is an addition with no access to bathroom facilities except through another bedroom. This condition is called “functional obsolescence” and was cause to significantly de-value the appraisal value. Also, part of my two acres is wooded and eroded and should have been devalued as “diminished site utility” at the time of the initial purchase. None of this information was disclosed to me at that time, but I will have to divulge it if/when I sell my house.

At that point, I paid for a retro appraisal review which revealed multiple failures by the original appraiser to meet standards set by the state’s appraisal board. So instead of a $300,000, three bedroom house, I have a $138, 000, two bedroom house. I was denied a jury trial against the appraiser because the statute of limitations had expired and I wasn’t considered a ‘client’ though I was listed as “client/borrower” multiple times on the appraisal form. Despite $150,000 in legal fees, I was denied review by the Texas Supreme Court because I “should have known” that the appraiser overvalued my house, despite the fact that the appraisal is required by the lender for loan assessment and approval, the appraisal was not meant to establish value. The lender even documented that the appraisal was faulty and if the discrepancy were any larger, it would have warranted a second appraisal. The lender authorized the loan anyway and I not only took the financial hit on a toxic mortgage and but was also assessed the appraiser’s court costs!

Home buyers need to be aware that there are unethical appraisers and lenders who victimize Homesteaders by gambling that you won’t discover negligence or malfeasance until after they’re hidden behind the two year statute of limitations. Get an appraisal review of your property before purchase and/ or within the first two years of your home acquisition to avoid this problem. If you do not take this advice now, then no state legislative, judicial or regulatory agency will come to your aid after the damage is done

A judicial court precedent is required in each state to force these agencies to follow the rule of law. I had my chance and the legal system let me down. If you find that fraud or negligence has been committed on your appraisal and/or lending documents, don’t assume that any state or federal agency will enforce ethics on their members or help you get recompense for your loss. My complaint was noted and summarily dismissed. Don’t be intimidated by the act of getting a simple “Appraisal Review” on your property. It’s easy to do, inexpensive, AND the report can be used as support for a city audit to lower your yearly taxes. It’s a simple safeguard against a potentially catastrophic situation.