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Consumer Advice

no_hypocrisy

(49,276 posts) Fri Oct 26, 2018, 08:47 PM Oct 2018

Why would a big bank like Wells Fargo [View all]

give a home equity loan to a widow in the amount of $484,000 for a property valued at $235,000?

(I got the numbers from a filed mortgage and a call to the tax assessor.)

10 replies

= new reply since forum marked as read

Highlight:

Why would a big bank like Wells Fargo [View all] no_hypocrisy Oct 2018 OP

when was the loan originated? lapfog_1 Oct 2018 #1

2008 just before "The Crash" no_hypocrisy Oct 2018 #5

That says it all . PoindexterOglethorpe Oct 2018 #8

yup... hence the question... and that's the explanation. lapfog_1 Oct 2018 #9

Did she once pee on a bed in Moscow? Only explanation I can think of. dameatball Oct 2018 #2

Appraised value and assessed value can be very different unblock Oct 2018 #3

Did someone involved get a commission based on the amount of the loan? n/t PoliticAverse Oct 2018 #4

Don't know. Only have the actual document. no_hypocrisy Oct 2018 #6

The assessed value has nothing to do with current market. Socal31 Oct 2018 #7

OK, for those of you who make a good argument about assessed and market values no_hypocrisy Oct 2018 #10