Legal Question in Credit and Debt Law in Missouri

My mortgagee ( GMAC Mortgage)dropped my line of credit by $20K, and took that same amount from my account, which they note as legal because using a automated valuation method they valued the home at $20K less than what I gave for it. The line of credit uses my home as collateral and it was an 80% loan. I disputed the action with proof of income and property appraisal per there instructions. My purchase price on the home was $172K, as I bought this as a asset liquidation from a bankrupt finance company in 2008. The appraised value on the property using their appraiser was $203K. I ahve done everything they have asked, by proving value of the property and proof of income and they continue to give me the run around. Can I take legal action to get this resolved?.


Asked on 10/22/09, 6:10 pm

1 Answer from Attorneys
Anthony Smith LawSmith

To answer your question. Yes- you can take legal action to get the dispute resolved. There is not enough space provided here for you to supply enough facts for an attorney to predict the likely outcome of a suit to resolve your dispute. Real estate cases involve too many documents to give an estimate of success with any certainty, without reviewing he documents. If you are still weighing your options, you should consult directly with an attorney in your area, who can review the documents and discuss the details with you. Many provide a free initial consultation. You are smart to be looking into this before you are the defendant in a suit by the lender.

Good luck

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Answered on 10/26/09, 5:51 pm


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