The couple says a separate appraisal, done after “whitewashing” the place by removing family photos and having a white colleague stand in for them, pegged the home’s value higher by $278,000.
The couple had bought their four-bedroom home in 2017 for $450,000 and had made several upgrades to it. They remodeled their club room for $35,000, for example. They also invested in a tankless water heater, recessed lighting and other improvements that the family’s lawyers say raised the value of the home.
But the appraiser from 20/20 Valuations, who was hired by loanDepot, said the home was worth only $472,000, according to the complaint. That pushed loanDepot to call to say it would not extend the loan, according to the complaint. After that, the home appraised for $750,000, or 59% more than the appraisal from less than seven months earlier.
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