In the aftermath of the housing crisis, many pundits and policy makers have been pointing fingers at Wall Street. While it is fair to fault some actors in America’s financial capital, many of those who helped create the crisis reside in the very same communities in America hardest hit by the financial collapse of the housing market. Many of those individuals are the professionals who make money providing appraisals of the home’s value—an appraisal that serves as the basis for the lending institutions extension of credit and as an assurance to the home buyer that he or she is getting a home that is worth the purchase price and, if resold, that the purchase price could be recaptured.
Unfortunately, many appraisers across America engaged in negligent appraisals, often times providing inflated values that were relied upon by lenders and borrowers alike. As a result, banks and other lenders approved loans that were not adequately collateralized and buyers borrowed more than they would have if they known the true risk they were taking on. This failure to responsibly appraise property destroyed an important safeguard in out home buying and lending market, propelling many buyers into foreclosure and decimating the mortgage portfolios of many lending institutions both in the primary and secondary market.
At Sanford Barlow LLP, as part of our commitment to Justice and Integrity, we have filed numerous lawsuits against negligent and unethical appraisers who violated their duty to provide realistic and unbiased appraisals. These appraisers did so without regard to the high standards that govern appraiser practice nation-wide.
If you are a victim of inflated appraisals, as either a lending institution or as a home owner who has been forced into foreclosure, contact us for a free evaluation of your case—and let our experts work for you!

This entry was posted on Thursday, November 5th, 2009 at 12:17 pm and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.