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Suspected appraisal fraud: overinflated value at time of purchase, several errors and omissions noted on appraisal report.

Submitted 2008-06-27

Defendant: Washington Mutual (appraisal value)

Purchased condo on March 16, 2007 at an appraised value of $300,000, the exact purchase offer price. Received a letter from WAMU, dated March 13, 2008 that HELOC was reduced from $29,000 to $10,400 due to declining market value. Requested copy of AMV and copy of original appraisal and, after almost 3 weeks of stalling and several inquiries, received a simple e-mailed letter stating only the new value of $259,490 (a 13% drop) with no supporting documentation. In the first 8 months, we lost $40,510 of our equity due to over valuation yet our taxed assessed value, partially based on our purchase price, increased by 83% during the same time period. We have excellent credit and put $60,000 down, but if we were forced to sell our home today, only 15 months after buying it, we would be upside down. We have lost a large chunk of our life savings.

-- Washington

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