PNC Mortgage Approved Second Mortgage Without Physical Appraisal They valued my home without seeing it and much higher then any other home in development Allentown Pennsylvania
Back in 2006 wife and I applied to PNC bank for a Second Mortgage. They during the application process they asked me what i thought my home was worth, I responded "I have no idea". They said don't wory based on what you are borowing you will need atleast X. I said when will the appraiser be coming out. The rep said no appraiser, we will do it from here on our computer. Two minutes later, don't you know my home was worth X and my loan was approved the next day.
I should have known then that something was up. First of all NO three bedroom home with in 10 miles of my home has ever sold for what they appraised it for. I have no idea where they got there numbers from.
My question is do I have a case against PNC. I want to sue them and cancel my loan. This is really unfair. I will never be able to sell my home for what we owe because of PNC.
Does anybody know the phone number or email address of the CEO of PNC Mortgage. They are a subsidiary of PNC Bank. Any help would be appreciated.
thanks,
scott.
Pa home owner
allentown, Pennsylvania
U.S.A.
1 Updates & Rebuttals
Bankworker
PITTSBURGH,Pennsylvania,
U.S.A.
Just schooling you
#2Consumer Comment
Thu, May 01, 2008
Most banks can use an AVS (automated valuation system) that can connect with your local county assessor and get an automated appraisal based on the the last assessment completed. This is probably how they got an appraisal on the home.