How do I challenge an appraisal? There's no way that my home dropped 15K from my last appraisal 15mon ago!!!

It sounds like you are doing a refinance. Although it is not likely, it is possible that some homes in some neighborhoods in some parts of the country are actually experiencing a reduction in values. An appraiser uses recent sales of comparable homes to identify a likely value. Have there been any homes in your neighborhood that sold under duress (foreclosure sale or short sale). This can lower values of other homes in the neighborhood. Did you benefit from one or more homes selling above market when the last appraisal was done? Either of these can skew the value of a home. So how do you fight this? It's hard, and it rarely works. Personally, I think it's rare, because it forces an appraiser to admit they were wrong. Each lender has an appeal process. Check with your lender for their reconsideration process. Essentially, it is up to you to find the other properties that support the value you think the home has. If you are working with a Mortgage Broker, rather than a Mortgage Banker or Bank Loan Officer, have them confirm with you that the value appears low to them as well. If it does, ask your loan originator about switching lenders. This will allow you to obtain another appraisal. Banks and Mortgage Banker's do not have the flexibility to switch lenders, because they are the lender. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except VA and we're pending approval in MA and NY. ~ www.ApplyYes.com 480-889-9000.