An article by Elizabeth O'Brien in the February 2009 edition of SmartMoney Magazine (pg. 58) makes the good point that you don't have to be behind on your mortgage to approach your lender to renegotiate terms - a loan modification could include resetting the mortgage amount or payment terms.
But, in making the point that you need to check the amount of equity you have in your home, she suggests only the broad trends published at the government's ofheo.gov, and the highly variable results at Zillow.com.
In reply, I sent the following as a letter to the editor:
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Your February 2009 Smart Consumer column on "How to Renegotiate Your Mortgage" didn't mention the very best way to get an accurate current value of your home -- and one that will put you in a better negotiating position with your lender than Zillow or other broad based market estimates -- a full appraisal with interior inspection of your home by a local licensed and certified appraiser.
I certainly have a vested interest as an appraiser myself, but more importantly know from experience in performing appraisals on many properties the high potential for inaccurate estimates from Zillow and other internet-based services on individual properties, as well as the similar "automated valuation models" used in the industry. These inaccurate 'quickie' numbers can lead a consumer far astray in deciding whether to pursue a refinancing or renegotiation with their lender or local taxing authority over the value of what is likely their largest asset -- their home.
Sincerely Yours,
Matt Boxberger
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