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Black Couple ‘Whitewashed’ House, Increased Appraised Value By $300,000

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A couple claims their home appraisal increased by nearly $300,000 after they removed any indication that their home was Black-owned. Jayar Jackson, Cenk Uygur, and Ben Gleib discuss on The Young Turks. Watch LIVE weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live

Read more HERE: https://www.complex.com/life/black-couple-files-lawsuit-home-appraisal-surging-whitewashing-experiment

"A Black couple is taking legal action after their home appraisal increased nearly $300,000 because of race.
According to the New York Times, Nathan Connolly and Shani Mott filed the housing discrimination lawsuit in Maryland District Court on Monday—about a year after they applied to refinance their mortgage with loanDepot.

Connolly, a professor at John Hopkins University, says he and his wife purchased the Baltimore home for $450,000 in 2017, and have since completed renovations worth more than $35,000. Furthermore, Baltimore house values have surged 42 percent over the past five years, which is why the two were shocked to learn Maryland-based 20/20 Valuations had valued their home at just $472,000. As a result, mortgage lender loanDepot denied the pair’s refinance loan.

Connolly and Mott said they challenged the appraisal, but the loan officer stopped responding to their calls. The initial inspection was conducted by 20/20 Valuations owner Shane Lanham in June of last year."

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220819__TB01
Category
Europe
Tags
220819__TB01, News, Politics
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