Can a Retro Appraisal Save the Day?
So-called “retro appraisals” are the latest tool at the disposal of lawyers looking to fight off foreclosure and obtain a favorable loan modification or a short sale for their clients. “The theory is that the financing was based upon a questionable appraisal which the lender approved without proper oversight,” a RetroAppraisals.com release said. “Mortgage brokers, real estate agents, and lenders had close contact with appraisers and most appraisal order forms had a line item that asked for the borrower or their agent to write down the value that was needed from the appraiser.” When Lender’s counsel moves for Summary Judgment, introduction of a Historical Revised Real Estate Appraisal could cause Judges to take a hard look at any Holder in Due Course protection sought by the lender. An obvious reason is a higher court review of the irrefutable factual information contained in the appraisal, could cause such an opinion to be overturned. Such Historical Review might be able to be used to
