Have You Been Harmed by an Artifically Inflated Appraisal for Your Washington Mutual Home Loan?

The Attorney General of New York recently filed a lawsuit accusing Washington Mutual (WaMu) of conspiring with First American eAppraiseIT to artificially inflate the appraised value of borrowers' homes on Washington Mutual home loans made since mid-2006. Washington Mutual borrowers were charged hundreds of dollars each for these bogus appraisals.

Besides the needless cost, an artificially inflated appraisal can result in loan amounts and terms that are unfair and harmful to the borrower. This is because the appraisal sets the market value of the borrower's home which in turn is used to determine the amount and terms of the loan. Thus, an accurate appraisal is essential to ensuring that the amount and terms of the loan are fair and appropriate for the borrower.

If you are interested in finding out whether you paid for a bogus appraisal and may have suffered other harmful consequences, please contact us for a free consultation.