Refinancing

Re-Financing

Countrywide is using a SOFTWARE to give an estimated Appraised value. The computer generated value was $162,000 and to proceed with the re-fi I paid $349. I was given verbal disclosures and the monies were non-refundable. When the actual Appraisal was done, the value was $155,000 ($7000 difference). The SOFTWARE they used, especially during the events in the market at this time, is misleading to the consumer. This SOFTWARE Appraisal is giving the consumer a much higher expectation and positive reason to re-finance. Countrywide does cover themselves through the verbal disclosures, but to give the consumer a SOFTWARE "computer generated" version of an appraisal and take $349 to proceed is soooo misleading to the consumer.

My Complaint:

1).A SOFTWARE Appraisal should NOT be done at all due to the ups and downs of the market.

2).Monies should NOT be taken from the consumer until after an actural Appraisal is done (the monies would cover the Appraisal cost).

Besides the above, the individual I worked with would verbally change the things we spoke of. I was to have "cash-out" and after the actual Appraisal came back he made refernce that I didn't have a "cash-out" request.

I have the re-fi documents.