Taylor , Bean and Whitaker had our home appraised for much more then ever worth . Refinanced our home for an amt they know we will never see . They were eventually closed down for bad business and sold our loan to another company. Do we have any kind of legal rights to sue them ?
While it is possible that you might have an action for predatory lending practices, such cases are difficult to prove and the defendant is bankrupt. Most judges believe that since your borrowed the money and promised to pay it back, you should be required to keep your promise. If you are unsure of your rights, you should have your case reviewed by an experienced foreclosure defense lawyer in your area.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
You won't be able to hold this company liable even if they were still in business, since I'm guessing that the appraisal company disclaimed any liablity for their appraisal, which should be based on comtemporaneous "comps" of other homes with comparable attributes in your area, and I'm also assuming these were fraudulent comps.
Also, this appraiser didn't act alone, since a lender with money agreed to refinance your loan based on this appraisal.
Blaming an appraiser for the downturn in the real estate market won't fly, and if you took money out of this refinance, it will be hard for you to claim that you were damaged by this appraisal.
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