Someone found this blog last night by typing in the question, “Can I Use an Appraisal for a Loan Modification?” In case the answer was not found, I’d like to shed some light on the matter. The answer is maybe. When you are doing a loan modification you’ll need to consult with your agent, attorney or bank and do what they say. If you already have an appraisal in your hands that demonstrates fair market value for your property and it was recent (and reliable), you may be good to go. However, if you have an outdated appraisal, it might not be acceptable for your loan modification needs since the market has changed so rapidly over the past several years (and months). An older real estate appraisal is often no longer reliable because the market has very likely shifted down or up since the time the appraisal was completed (down most of the time lately).
I hope this helps to answer the question. Please let me know if you need any clarification and if there is anything I can do for you. I am very familiar with doing loan modification appraisals for attorneys and home owners, so I am glad to provide my services to households in the Greater Sacramento Region. Feel free to contact me at 916-595-3735 or www.lundquistcompany.com or LundquistCompany@gmail.com