what happens if i dont pay for an appraisal after the loan failed?
I had approval on a mortgage loan but the day before closing i lost my job and didnt get the loan.Now the mortgage company says I owe $500 for the appraisal.What happens if i dont pay it?
Asked By: Eric N - 1/18/2011
Best Answer - Chosen by Asker
Same thing that happens when you don't pay any bill. Eventually it will be turned over to a collection agency and go on your credit report as an unpaid account. For $500, they may decide to take you to small claims court and get a judgment which stays on your credit report for 10 years.
Answered By: Steve D - 1/18/2011
Additional Answers (7)
Pay the $500 pronto! If you don't they can sue for the appraisal fee, plus interest, penalties, legal fees, court costs, etc. You'd rather pay about $2500? You are going to pay and that's final. How and how much is up to you. BTW, if they take you to court, the court judgment stays on your credit report for 10... More
Answered By: ibu guru - 1/18/2011
You potentially lose the ability to get a loan for the next 10 years... More
Answered By: raina_vissora - 1/18/2011
They'll sue you for it and win. Then it will be on your credit report for the next 7.5 years. You owe it, it's not their fault you didn't close.
Answered By: the kid - 1/18/2011
I believe you should pay for the service; it wasn't the appraiser's fault. I will admit in all my years of mortgage processing, we never sued anyone for an appraisal fee; it is not worth it. Granted, you won't get a loan with them and, if it is a bank, they will not open any type of new accounts. Unfortunately, the... More
Answered By: liveinmd - 1/18/2011
You may be successfully sued in the courts for the costs of that appraisal. Regardless of whether your loan failed or not, YOU are responsible for such costs.
Answered By: acermill - 1/18/2011
There have been a several options for lending.just you have to choose depending on your purpose.Most people come up with bad credit for a loan.i don't think it is not hard to get now a days with out having fair credit score.check this is place may be a help to find solution... More
Answered By: Lotus Lim - 1/18/2011
I had the exact same query a while back. Save yourself some time and click on third and tenth links over on www.loansource.tk
Answered By: lauralee gordils - 1/19/2011
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