We are in the process of refinancing our house. Amerisave sent an appraiser out who did a full walk through of our house and submitted an appraised value of $400,000. (We owe 306k).

But yesterday we got an email that an appraisal review had been done and they are adjusting the value of our house to $295,000, which is a huge difference!

Now we don't qualify for a regular loan and they are steering us to HARP, which is a higher rate, of course.

What the frell? How can there be such a huge difference? We have a custom home in a unique location with not a lot of other homes nearby. I just don't understand how they can reject their first appraisal so out of hand.