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Non-Tech : Banks--- Betting on the recovery -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (805)	4/16/2010 7:44:26 PM
From: tejek	Read Replies (1) \| Respond to of 1428

OT citibank which holds my mortgage sent me a letter telling me that i was a valued customer and encouraged me to call them about refinancing. but when i contacted them they used zillow to give me a quick appraisal of my property and indicated that they would not be able to do anything for me. as they were now unhappy about the loan to value despite the fact that i have paid my mortgage on time with them for 5 years and that my credit is excellent. This is my second less than satisfactory experience dealing with Citi and my last. From now on i will stick to sending them my mortgage payments. I had a similar experience with BAC. I think its a con to meet the TARP guidelines and keep the feds off their back........"look, we're trying to refi properties and lower people's payments but there are all these problems". Right!

To: Madharry who wrote (805)	5/9/2010 4:48:28 PM
From: MJ	1 Recommendation Read Replies (1) \| Respond to of 1428

You were denied because of Zillow. Zillow is a big part of the problem. Zillow started out as an interesting concept, mapping via sattelite houses in USA-------everyone thought it a great idea as they googled their homes via Zillow. Then Zillow took another leap, they began to value homes throughout the USA with their estimates. Realtors then started looking at Zillow as the golden crown and went by what Zillow said or says. Zillow is as I understand in Washington State------there is no way that they can determine what a house is worth e.g. in Maryland, Virginia or New York. However, they do just that-----they make a guess using computerized algorithmns ----people go to Zillow to look at values and realize that Zillow is controlling the market place throughout the USA. People like you can't get refinanced because the bank looks at Zillow-------people who want to sell can't sell because the buyers look at Zillow. And obviously your banker was listening to Zillow. I have my house on the market and suddenly am seeing the Zillow heavy glove in the market place. People are gullible and believe what Zillow is putting out-------the fact is their estimates, Zillow's, is hurting the sales of our properties in this area. Their estimates are not representative of the true value of any single house in our area. This isn't free enterprize-----this is market control by Zillow and the Federal Government predominantly. Needed to have my say on this mj