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Dear _ _ _ _ _ _ _ _ _ ,
I recently paid my real estate tax bill. My tax bill told me the market value of my home and the assessed value on which my tax is based. What I would like to ask you, is, why don’t banks use the county real estate market value as the basis for a refinanced or modified mortgage?
It seems to me you legislators are allowing the banks to steal the property of hardworking, tax paying Americans because you don’t tell the bankers they must use the county real estate market value for their appraisal when a home loan is being modified or refinanced due to foreclosure.
In the last ten years banks have been loaning mortgage money on inflated appraisals. Now the bankers want to deflate the value to serve their own selfish purpose. Regular folks can’t win. First we were overcharged and next we will be undervalued.
It won’t be just those folks whose homes are in foreclosure who lose money, we all lose because at some point our homes will be devalued just because the home down the street sold for a low price.
I think United States Legislators should offer all homeowners protection by passing legislation that will stop the decline. You can do it by simply telling bankers new appraisals will start with the county market value.
Just say no to these bankers and don’t let them steal the prosperity homeowners have earned.
Thank you for your attention to my letter.
