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Loan Modification
: Mortgage Lender Implode-o-MeterAppraisers say cheaper valuations open door for short-sale abuses
By Implode-Explode Heavy Industries
"A run-up in housing prices contributed to the downfall of real estate, but now some appraisers fear low-ball valuations could lead to the next market muddle.
They say a new federal rule to speed up short sales will increase banks' reliance on broker price opinions ? cheaper, quicker and unregulated home valuations that some argue could lead to an emerging type of mortgage fraud called "flopping."
Full post as published by Mortgage Lender Implode-o-Meter on April 04, 2010 (boomark / email).
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