How do they determine current value...

[alikeith]

With the new programs that are rolling our on dec 1st, i noticed that it states that you must have a loan that is 75% or more of the value.

How do they determine the current value? Do they use Zillow? I hope not as i live in a condo and my actuall address does not come up, but a similar does. Dont know why. It is my property though. Also, do they use a middle value. There is a range that Zillow lists as well as a actual amount.

[Moe]

You need to consult with a local Realtor who can do what is called a "CMA" (comparative market analysis). This will give you the most recent sales in their multiple listing service and the closest real value for your home.

Zillow is very flawed, I would not trust their figures and especially in this market.

[alikeith]

hanks!

I just wonder how they are going to handle the 400,000 potential loans that may qulify under the new program that starts Dec 1st? They say in order to qualify your modification needs to be 75% or more of your homes value. I am borderline on that 75% so i am concerned that will disqualify me for any help.

[alikeith]

I wanted to add, do you know if they will most likely use the AVM (automated value model) to determine value.

[gray517]

if you find out please post, I looked at value through Bank of America website and it has an outrageous value for my property, last year I got an appraisal when I got my CW loan it was $250k, zillow had $257K at that time. I heard that the value is 30% higher than what the tax assessor has for value ( in florida anyway) so my property is either at 77.5 % according to BOA or 97% according to zillow. I think the lenders have some sort of value estimating software they use, I hope Countrywide doesn't use BOA's values then a bunch of people will bee disqualified. go to the bank of america website click on mortgage refinancing and value thing should be an option

[alikeith]

Now i am even more worried. I went to that site, and its shows $260,000 fir my condo. Zillow shows $243,500. A similar unit sold about 6-9 months ago for $255.000/ Value shave gone down. I am afraid this is going to disqualify us.

[alikeith]

So i called countrywide again.

I asked about the LTV having to be 75% and they said not to worry about that. I have a qualifying loan.

i also asked if i showed that my expenses were more then my income if tht would keep me from getting this modification and was told no. They want to make the payments more affordable.

I am calling back soon to give my financials. Wish me luck

[Moe]

My company processes loan modificationsfor attorneys and we just had several files fall under the Attorney General/ Countrywide settlement. They were basically frozen and all will receive what are called BPO's broker price opinions to give estimate values on their properties.

However, we will be doing our own BPO's because we know from past experience that Countrywide can be pretty unfair and incredibly deceptive at times. So, definitely get your own expert opinion on the value.

I wish you the BEST of luck and please keep us posted!

[alikeith]

Well according to the person i spoke with today, i dont need to worry about the LTV being 75%. We are at about 71% or so, which is why i was worried we would not qualify.

I hope that they go low on the value. In your experience, what have you seen happen with they give the values? You said they were unfair?

[gray517]

who did you talk to? or what number did you use to contact them?

[alikeith]

i just called the 1-800-669-6650 and it gave yu some info about the home retention program. Then it said to stay on the line for further information.

It gave me someone in india which i was worried about. I am sure that due to the fact that they new there would be lots of people calling, they have provided them with necessary info.

Maybe someone else shoudl give it a try to see what they are told.

[alikeith]

So i called again. I talked to someone, not in India. I called the 800-669-6607 this time. They told me my LTV was 83% so i should be good to go.

[Moe]

Good news. You need to keep on this big time and keep in mind that you are being told different things and this came from India. So, be leery and dot your i's and cross your t's.

I highly suggest you contract a local Realtor to do a BPO so you have a second opinion and they give you the run around later.

[alikeith]

Moe,
One time it was someone in India, the other time it was not.

All the person in India told me was the LTV did not matter.

The person in Customer Service, not in India, just said there are several programs that will be available, but never told me anything about the LTV mattering or not. He just said my LTV was showing right now at 83%. He also said that they were still finishing up the details on the programs.

Do you know if Countrywide tends to low ball people on the proprty values? Two years ago when we bought our property it was appraised at $208,000. I have searched zillow, it says $243,000 and BOA site says $265,000 which is really high.

Thanks!

[alikeith]

I wanted to add something to my post.

When it says on the guidlines that the curent LTV at the time of the mod has to be 755, do you think that means that the loan amount currently owing, plus the late payments and escrow. So lets say i owe 174,500, but am behind 2 payments, totalling $3500.00, will that amount they use to equate the ltv, be the $178,000 since technically that is what you owe?

It may be too soon for anyone to know this??