Loan officer owes us thousands for appraisals.

[mandik]

What is the name of your state? Wisconsin
We are an appraisal company. A lender that we do work for refuses to pay $2000.00 First of all, can we send them a statement indicating we are going to charge finance charges? I am putting a lot of time and energy into this and feel we should be compensated. Can I send a statement indicating finance charges? Can I charge them from the begining? What is the highest percent I can charge? The oldest bill is over 9 months old. They indicated COD on their order forms, when we called because the customers did not have the $$ they promised to pay us for them. We got one of these in writing. But not the other ones. They told us over and over they would pay. They talked to myself (secretary) and my boss.
We do not want to go to court yet. We don't want to involve homeowners etc if we don't have to.
I did email over 400 other appraisers in the area to let them know.

The same company did this to my mother about 6 years ago. The owner of the company blamed the loan officers. Then they changed their name.

Should we picket at their Grand opening? Is there anything else we can do to scare them? We typically don't get this bent out of shape, my boss was furious when he drove past their huge, brand new office located in another city.

Can we call the homeowners? This is turning into a big mess. We are just sick because of how hard we worked for them.

We think picketing would be the best idea, especially if we call the news stations. It's so unfair that homeowners are expected to pay, or get foreclosed, and financial institutions can not pay their bills!

 

[FloridaRob]

$2000??? Tough lesson but be thankful it wasn't more. I have been stuck for more than that over teh years. A lot more..

You can take them to court and get a judgement but the chances of you getting paid are slim.

A lot or mortgage brokers will say and do anything to get the deal done, including agreeing to pay for the appraisal. However, when things go bad, these guys will not pay. Don't be surprised if you dont get a letter in the mail soon about the company filing bankruptcy.

Over the past couple of years I did a lot of work for a national Appraisal Firm. I had no problems getting paid on a timely basis. Then late in the spring they sent about 15 reports over the course of about a month for me to complete. About 60 days later I called to question status of payment. There was no answer. Just a recording saying they were no longer in business and to address any concerns thru email

I emailed them and asked about the outstanding balance of over $4000. HIs response was

"Mr FloridaRob, we are no longer in business and there are no funds in the account to pay any appraisal bills.

Warm Records,

Ed"

I shot off an email back to him.

"Mr Ed,

F YOu,

Warm Regards

FloridaRob"

I did not get the money but I still felt a lot better.

Good luck getting the money. I ususally spend way too much time on the phone chasing appraisal money. One company would not even take my calls until the day I called and asked for the number to their corporate office. I got a check the next morning.

 

[mandik]

Thanks Rob. Does anyone have info on how much interest we can charge?

 

[The Butcher]

Should we picket at their Grand opening? Is there anything else we can do to scare them? We typically don't get this bent out of shape, my boss was furious when he drove past their huge, brand new office located in another city.


We think picketing would be the best idea, especially if we call the news stations. It's so unfair that homeowners are expected to pay, or get foreclosed, and financial institutions can not pay their bills!

Picketing is not such a bad idea. If more consumers would stand up like they have a pair, dirty dishonest fascist corporations would be put out of business. If labor can be organized and fight for their rights than why can't consumers? I think consumers need to get organized and get out there!

 

[nextwife]

Are you active in either the WMBA or WAMB? It may not hurt to start getting the word out "to the trade" that they are not paying the appraisal fees. That will put pressure on them to pay because other appraisers may refuse work from them.

And there may be some RESPA violations if they are having the title companies who are closing COLLECT appraisal fees that the mortgage broker is not paying out.

 

[mandik]

We filed small claim today. I will keep everyone updated.

 

[mortgageguy]

Minnesota,


Contact the Commerce Department in your state. They can and will revoke their licence!