Complaint Review: ABN AMRO Mortgage

ABN AMRO Mortgage Group sucks. I bought my home about a year and a half ago. I only put 5% down, so I had to have PMI insurance.

I recently finished my basement and was sure the improvements would bring the appraisal to 80% LTV. I called ABN AMRO and was told by on of their employees I would need an appraisal. I got the appraisal done for $250.00 and sent it to ABN. They returned a letter saying they would have to order the appraisal for an additional cost of $300.00.

I spoke to a loan officer and she advised me to get the appraisal made in ABN name and I needed the house to appraise for $5000.00. I did that and sent it back in, two weeks later I got a letter stating the LTV ratio had to be 75%. This total BULLSHIT! I talked to several realtors,lenders, builders, appraisers etc, they had never heard of this practice.
Stay away from this company! They lie, cheat and screw you out of money!

Danny
Simpsonville, Kentucky
U.S.A.