Internal BPO scheduled for today...

[maryland7]

We have made 4 trial payments on an MHA trial (with another one due on 10/1). Supposedly, our file has been escalated to underwriting and they are requesting an internal BPO because they will have to forebear so much principal. I am assuming that they want to see if it makes sense to just foreclose on us versus modify by doing the BPO. They are coming this afternoon (Sunday).

What do you think? Is this a good sign for modifying or just the final step before they drop the bad news? We had already received our NOD but they stopped the foreclosure process due to participating in the MHA trial. Our house is underwater by approx. $300K (due to falling prices) and we had a hardship of 80% income loss. I am interested to hear other people's opinions!!!

[snapple candy]

maryland,
i had outside BPO for my 1st and Inside BPO for my 2nd. Im underwater 100K at least.
I take this as a good sign. Your under serious consideration for a modification and they are just documenting according to the rules.

[fla borrower]

Hi Maryland

I had a BPO done and was ultimately denied after making all trial payments. Do not take it as a good or bad sign, because with the bunch of erratic dopes running this bank, you never know!!!

[SBBLUEWATER1]

BPO is part of the loan mod process. Most are just done with a drive by and then looking at comps in the area.

[litehouse01]

Chase who owns my 1st and 2nd ..the 2nd mortgage requested a BPO The guy came (he said he works for a company called First American) he was british and they are based out of London thats who Chased Hired to to do the BPO. The guy came and took pictures of every room inside and garage and took pictures ot the entire outside front to back and both sides..it didin't take very long and then he was on his way..whether it has any baring on the situation no I don't think so they are still as behind and bogged down as ever...They just want make sure there is still some value there I was told also to ensure you live there some people have moved out..to make sure the place isn't stripped out of the appliances and the like or torn apart and damaged etc etc etc......I don't think it sways them to give you the mod or not its just something they do.

[litehouse01]

Maryland 7.............let us know how your BPO went....thanks stay strong

[maryland7]

Thanks everyone...I'll let you know how it goes!