Can I appeal a drive by BPO?

[famlena]

I was denied a perm mod in Sept because Chase said that I still had equity in the house. I found out today that when I started the trial in May Chase had sent an BPO appraiser to my house & took pictures. At the time (late April) it was appraised at $625k. Then in July 11th & 12th they did a drive by BPO and was appraised at $677. This does not make any sense because on the Chase website itself, I ran the comps and it was appraised for $620k. On another site Cyberhomes.com I ran the comps and it's appraised at $598k. So, can I dispute this with Chase?

I owe on the 1st roughly $600k & the 2nd $150k both Chase owned. However, I'm 5 months behind so if they forbeare & added the missed payments to the principal then I would owe $620k on the 1st.
There's no way that the market in my area has rebounded that drastically.
Any thoughts? Thank you...

[Debca]

Originally Posted by famlena

I was denied a perm mod in Sept because Chase said that I still had equity in the house. I found out today that when I started the trial in May Chase had sent an BPO appraiser to my house & took pictures. At the time (late April) it was appraised at $625k. Then in July 11th & 12th they did a drive by BPO and was appraised at $677. This does not make any sense because on the Chase website itself, I ran the comps and it was appraised for $620k. On another site Cyberhomes.com I ran the comps and it's appraised at $598k. So, can I dispute this with Chase?

I owe on the 1st roughly $600k & the 2nd $150k both Chase owned. However, I'm 5 months behind so if they forbeare & added the missed payments to the principal then I would owe $620k on the 1st.
There's no way that the market in my area has rebounded that drastically.
Any thoughts? Thank you...

Remember the old adage...all things are negotiable

Yes, dispute it. All you can do is document it (after researching various aspects) and have this added to your file. I did the same thing, but do not know when this will be addressed.

I used a combination of Trulia, Redfin, Realtor.com, etc. First, I looked up each comp they listed. These site will id properties that are REO, short sale, foreclosure, etc. and will list sale/paper sale dates and prices.

As an example, the comps used were not in the same zip code - he used 2 of 3 that were in lower cost zips and the 3rd was a short sale - and none of the properties had pools.

You do not say who your owner/investor is - ie Freddie Mac, etc. It would be wise to also contact the owner/ investor of your mortgage, file a complaint, establish a contact there and also submit documentation to them. Ultimately, the servicer - Chase in your case - does have to submit denials, etc to the owner/investor I believe. At least this true with ours which is Freddie Mac owned, serviced by Well Fargo.

Hope this helps.

[famlena]

Thanks Debca. I will look into those sites you've provided. Both my loans are owned & serviced by Chase. It seems that because Chase owns the loans they just make up whatever they want.

[hope67]

Originally Posted by famlena

Thanks Debca. I will look into those sites you've provided. Both my loans are owned & serviced by Chase. It seems that because Chase owns the loans they just make up whatever they want.

You also can go to www.housevaluehunt.com . They will instantly email you a list of homes sold in your immediate area, they will show the square footage, number of rooms/bath, any added improvement such as pool, they will also show the distance from your house.

It is a free service, when asked the reason for inquiring, I always select "just curious". They will ask you to enter your phone number, I always put my phone number without the area code. No one ever called me from that site.

I have used the site for years.

[famlena]

Thanks Hope69! I will look at this site as well.

[Serenity]

I plan on contacting my real estate agent and have her run the comps for my home.

[snapple candy]

I dont know if any of you noticed but Chase is starting to accumulate BPO's info and sales in to come up with their own values on properties. I hade two BPOS done, one a drive by and the other and in-house and they both came up with the same figure and submitted to WAMU/Chase.
When I went on their web site, and put in my address for a value, it came up $20-30K more that what the BPO's stated. They can state what they want and get away with it. I would contest it and get comprehensive evaluation of property by a broker if you can to back up your claim.

[MHAP76]

So Chase doesn't care if they lose money on the 2nd loan if they foreclose on the house? Your total mortgage balance is $750K and although the NPV test on the 1st loan is negative, they will still lose money on the 2nd loan.

I'm sorry to hear about your situation. Actually my situation is almost identical as yours (1st loan balance below appraisal, 1st + 2nd above appraisal). Just made my 3rd trial payment earlier this week.

[Jillian118]

you can go on the chase web site and they have a property value estimator....it might be some good ammo for you https://www.chase.com/ccp/index.jsp?...alue_estimator
since it is from their own site!

[Marie T]

That is an interesting site Chase has there...shows my next door neighbors house at 5390 sq feet and 4 bed, 4 1/2 baths with a beautifully finished basement is valued at $680,000 while mine at 4100 sq feet and 4 bed, 3 1/2 baths and no finished basement and structural defects is valued at $696,000!!!

Famlena... I do not get how they think you have equity if you owe $620,000 plus $150,000... that is $770,000 like MHAP76 said and all owed to Chase so they have to know that. My attorney verified a couple days ago my loan is owned by WAMU, was never sold to an investor so now I am thinking that is worse since they can make up the rules as they go.

So, as of Tuesday, October 27th, WAMU will officially be Chase and I am wondering if that will make any difference for those of us who have WAMU-owned loans?

I do not have a second, only a first and I owe about $640,000 and if you use the value per square foot that they have assigned my neighbors house (that doesn't have structural issues and is finished nicely) my home is worth about $518,600, deduct the cost for the structural repairs and needed finish work and it is probably $400,000 max. I would love to have Chase do an interior BPO!

[famlena]

I did check the value estimator on Chase's own website and it came out at $620k. Originally, I was thrilled that Chase owned both my loans. Chase owning the loan means that they didn't need to have the investor's approval so my mod would go smoothly & quickly but that has not been the case. It does seem that they are making up their own rules as they go. They don't need to answer to anyone...which is bad.

I've inquired about the MHA but have been turned down several times. They did not say why I did not qualify only that "it needed further analysis" which means I had to be on their in-house programs which I do not qualify for because I have equity in the house! It seems that Chase does not care much about their 2nd.

I am trying to hold onto my house as long as I can because comes next year reports from economists say that there is going to be a lot more foreclosures. So, I'm hoping by then Chase would be more flexible.

In the meantime, the 1st is offering me a forebearance but I have to first qualify for it. I needed to pay them $2100 and then they will review my situation to see if I will qualify for the forebearance (they call it an extension). I am working with the 2nd to see if they will settle or mod. This has been an extremely long process. Chase is very creative and I'm intrigued to see what else they are going to throw at me. I never thought that the BPO would ever be an issue. I've been thinking they'll deny be because of insufficient income or hardship is not permanent like a lot of other people. I never saw this one coming.

[Marie T]

I do not qualify for the MHA because my loan is not backed by FannieMae or FreddieMac. You can go to their websites and put your address in and it will tell you. I was told from the beginning that WAMU/Chase had in-house programs, but what I believe is that if your loan is owned by WAMU, there is noone to "hold their feet to the fire" even if you qualify. I also do not have mortgage insurance since I put enough down when I bought it. With substancial structural damage in the house, they will really lose if they decide to foreclose instead of modify, and since I have made them aware of the damage, they legally have to diclose it to future buyers.

I should definitely qualify...plenty of hardship that caused me to get behind and most of the hqardship is permanent. We have a regular, if smaller, income and can make a 31% of income payment yet I was turned down the first time I submitted due to insufficient income. I resubmitted when my income went up a little and Chase then did a 3 month trial with my payment $700 more than it was originally. There was no way I could handle that payment. They said they used 40% of gross but it seems more like 55% plus so not sure what calculator they're using.

I am now about 4 months late which is unbelievable to me. I have heard that Chase will start foreclosure at 4 months so I am a bit freaked out here...not sleeping well so I am on here after 2 a.m.! I am hoping the attormey I just hired is able to do more than me.