Back in early Sept. I requested GSF Mortgage co. to refinance my home to get a lower interest rate and lower my monthly payments. The loan process went very well and everything was great, until I got a call from an appraiser representing, StreetLinks. Of course, the final loan depended on the appraisal. And Mr. Anthony Buford informed me that he had be assigned to do the appraisal and an appointment was made shortly after Sept 17, 2015.
Mr. Buford was a very young man and in talking to him I felt his real estate knowledge and experience was very limited. When I received a copy of his work, I was appalled at the blatant inaccuracies. Of course, Buford undervalued the house and the lot by $10,000 to $15,000. dollars because of plain inept negligence or plain stupidity or both. This is a great error on a home with a market value of less than $100,000. I worked for FmHA, FHA as an appraiser and also as a real estate broker. This was not my first goat roping. This was a farce, a fraud...
I immediately called my mortage loan broker and filed my complaint. I fired off a letter to Thomas Hurst, president of StreetLinks,and outlined all the inaccuracies I found in the appraisal: very poor comparables, left off a full basement, a 468 sq.ft. back porch. everything very wrong, even the style of the structure was wrong. I asked for them to amend the $74,000. to $86,000. Mr Jim Cain told me that they could not do it without the appraisers approval. Are they kidding me, they hired this guy! I HAVE BEEN DAMAGED !!!!!!!!!!!
Does StreetLinks Care? Apparently not, they keep giving me the old run around. They have to talk to their lawyer to change anything. Since I did barely closed my refinance. They consider it a done deal.........but here's the kicker, because of their fraud I incurred money damages for the rest of my mortgage. FHA has what they call, mortgage insurance. If loan to value is high enough, you dont have to pay the mortgage insurance. In this case, due to the incompetence of Buford and the fact StreetLinks would not correct their errors I have to pay $52.00 a month more on my house payment. Also at closing I had to pay $1,250.00 to get the FHA loan. Yes i feel that I have been taken advantage of Big Time. On top of that, they charged $715.00 for this piece of trash of an appraisal. All I asked StreetLinks to do was do the right thing. SteetLinks should be closed down !!!!
I have been screwed by apparently an insulated American business preying on the real estate of unsuspecting home buyers. What can we do ???????????