chase ordered BPO? Is this good or bad?

[Jillian118]

Hi All,

I am working with Chase and Naca, so when I made all my status calls today. The Chase rep said that they had ordered a BPO. So it seems like they are moving along.

My question for the veterans would be this. I owe 436K...the BPO came back at $286...Is this good or bad???

Basically it is showing me at 150K underwater.

[Chased around and around]

A bird just told me that some of the seconds are being charged off. I did not see it in writing, but boy am I hoping for a miracle like this.

I am under 219K...

[jakelabry]

Originally Posted by Chased around and around

A bird just told me that some of the seconds are being charged off. I did not see it in writing, but boy am I hoping for a miracle like this.

I am under 219K...

Charged off is not a good thing for you! It allows the bank to take it off their books but then they sell the debt to someone else who comes after you big time!

[Jillian118]

Well, I don't have a second on my loan. It seems like things move a little then its hurry up and wait. I don't know if being underwater is a good thing for me or bad. I guess they would be losing 150K plus if they did a short sale or more if they foreclosed.

I am still current, but every month it gets just a little tougher.

[shuladore]

Hi:

i got the same response they ordered a BPO not sure if this is good or bad?!

[SBBLUEWATER1]

BPO is usually a good thing as it means they are trying to place a current value on the house so they can see what the NPV test will show. Generally speaking the more you are underwater the better as they will stand to take a larger loss if they foreclose on you. Our BPO was the last thing Chase ordered as part of our final loan mod documentation. We still don't have the final mod yet.

[Jillian118]

Hmmmm....well then I will continue to keep my fingers crossed. They have been crossed for the last nine months and are getting a little cramped...'cept the middle one....that one works just fine!

[Chased around and around]

Originally Posted by jakelabry

Charged off is not a good thing for you! It allows the bank to take it off their books but then they sell the debt to someone else who comes after you big time!

Nope have not seen it happen yet. CC are a whole different story than mortgages...

[Mountain life]

Shuladore/Jilian118:
I just talked to a CHASE (imminent default representative) and was told that the BPO amount needs to show that you meet the government guidelines for qualifying for a modification. I was told that the BPO has to show that you have no more than 20% equity in your home. So Jillian118, I would say your BPO numbers are good.

[Jillian118]

Originally Posted by Mountain life

Shuladore/Jilian118:
I just talked to a CHASE (imminent default representative) and was told that the BPO amount needs to show that you meet the government guidelines for qualifying for a modification. I was told that the BPO has to show that you have no more than 20% equity in your home. So Jillian118, I would say your BPO numbers are good.

Equity? HAHAHAAA!!! thats funny....equity. If I had any equity left I probably would have just tried to sell it.

[shuladore]

Hi!

Thanks for the info i have been thinking about the equity issue i have an 80/20 loan so how will they consider equity on the first loan like all of the second is equity? I think I owe 269K 212k on front end I think at best it is worth 230K so I think I am O.K. but concerned about this 80/20 mess!

[fla borrower]

Hi

I had a BPO done on my property and then they denied me the final making home affordable modification. I hope your case is different and that u get a final
modification.

[snapple candy]

fla, how much was yours underwater?

Im 100K underwater, they did a BPO right before the offered me the HAMP trial (just a couple weeks prior it was done). My real estate attorney called me today and he hasnt had much luck with 2nds. He has negotiated a few at 30-40%. He said they arent so willing to negotiate anymore on them as they were earlier in the year. He did mention one of his clients 2nds foreclosing before the first and didnt know what to think about it. I made mention of someone here that happened to, wasnt it the PMI thing?

[babbles]

They did a BPO on my property Jun 18th and nothing as of yet but been in underwriting since then. Originally approved for a mod back Feb 09 but rescinded because of the new law and started all over again in Apr 09.

[Jillian118]

Oh I totally understand, I have been dealing with chase since jan 09 & it has taken me this long to get here & now Im back to hurry up and wait. I get a little new info, then get all excited that things may be "moving" and then nothing.

[snapple candy]

Babbles,
it took me a year of bs with WAMU before I was finally offered the HAMP trial program. It was a fight every step of the way. They too tried to rescind a verbal mod offer after a forbearance in Feb 09, and came up with something else which I rejected and filed complaints with OCC. They then tried to foreclose and served me a notice of sale (after I demanded HAMP program and resubmitted my financials) then I really went ballistic. A few weeks later I was offered the HAMP program. I finished last trial payment in August and now in a holding pattern again waiting to what what perm mod they might offer. I am told it might take a while...they are probably waiting for interest rates to go up before they lock in. Also while they hold out they get to charge you the original interest rate on your loan.