They are coming to do an appraisal is that good?

[mintdeer]

I am trying for the 2nd time to get a loan mod, I was denied the first time. This time they are actually having somebody come out to appraise the house ( never happened the last time) Is this a good thing? Does this mean something is actually going to happen? I was shocked tonight when I got a phone call from an appraiser trying to set up an appointment to look at the inside and outside of my home. I asked if she was being sent out by my bank and the only info was that she had to get an evaluation sent back to whomever had asked for it. side question, can I ask for a copy?

[acesfull]

Hi Mintdeer

They should of been able to tell you who requested the appraisal?
Who is paying for it etc. Please be aware of scam artist.

I would seek more info from the caller. Also do not give personal financial info to the caller. Find out who they are. Who they work for etc.
Get the company name and make sure they are legit and licensed by your state. People prey on others in distress. I know you want to get a mod but be careful and do some due diligents.
Good luck and take care.

acesfull

[mintdeer]

Thanks for the info! I just contacted the girl who called to do the appraisal and she could not tell me who ordered it, who she works for and she said she couldn't even share with me the home value.( she said she is contracted out by somebody else and she just forwards on the information.) So I do not know if this is a scam or not but I am very wary now! I was going to let this person in my home! I am going to call the loss mitigation department again and see if they had in fact hired somebody to do this or not and then if they did I want a copy! I am sure they will make me pay for it some how.

[weneedpeace]

Mint - I would exercise caution.

(I worked for 10 years in real estate transaction processing prior).

If you're already in default while in loan mod, this could very well be someone preying on you, going off of public record.

I agree - call loss mitigation and if they can not confirm that this company has been scheduled to come out to your home (and make sure the phone numbers match up!), I would not allow this person on your property.

Best wishes.. I do hope it's legit and that it's a positive sign for a successful loan mod!!

FYI - her comment that she can not share the valuation with you.. likely accurate. Typically, whoever 'pays' for the appraisal is the one privy to the details. In other words, if your lender charges this amount to you, then you have a cash to demand a copy. If the lender is paying for it, then I would not expect that they will share it. Certainly, you can have a local Realtor offer you a one line CMA of all pending and closed sales (plus active listings) and it should give you a baseline range of where their appraiser will come in.

[JS1scuba]

Pick up the phone, call your bank and ask if they ordered an inspection. It is not uncommon if you are late or in default for the bank to send out an inspector to check if the house it occupied and if it is in good shape.

If they ordered the inspection they need to provide you with the company doing the inspection. Get a phone number and schedule an appointment. Unless your bank confirms they have ordered an inspection do not let anyone into your home.

Cheers
JDS

[mintdeer]

Thanks for the info everyone! I already had a guy come out last month to take pics of the house and confirm we still live here, he never asked to come inside and he left a phone number for my bank to call about his visit. This is a whole new thing though. This girl had my cell and home number. I have to call my loan company tomorrow as they are closed ( the dept. I need) on the weekends, to verify they actually hired somebody out. Weird she wouldn't tell me who she even worked for isn't it??? Will let you know if it was a for real deal or a scam! Thanks again!

[mintdeer]

Turns out my bank did order the B P O ( Broker Price Opinion) but what they can't tell me is if this is for a loan Mod consideration or for foreclosure. The woman at the loss mitigation department couldn't tell if I was still under review and when she went to transfer me I got hung up on! GRRRRRRR!!!! Should I let these people in my home? I read that they can do a B P O just by doing a drive by. I really don't want strangers in my house if it is not going to do me any good, it just makes me mad! I need a vacation! Thanks for the tips!

[Catherine]

My lender sent someone out to do a BPO too at same time I thought we were at the end of the long process for a modification. It turned out the modification was denied by the investor (so they say), but the cost was added to my loan amount. No matter which way I looked at it I feel now it was another way for the loan servicer to collect more fees. I call it scam now. That was a year ago so I hope with the changes made it puts you one more step closer to success! Wishing you all the best, Catherine

[we're_still_reviewing]

Originally Posted by Catherine

My lender sent someone out to do a BPO too at same time I thought we were at the end of the long process for a modification. It turned out the modification was denied by the investor (so they say), but the cost was added to my loan amount. No matter which way I looked at it I feel now it was another way for the loan servicer to collect more fees. I call it scam now. That was a year ago so I hope with the changes made it puts you one more step closer to success! Wishing you all the best, Catherine

We had an appraisal done in August as per WF. Shortly after that we were denied. They wouldn't tell us what the house appraised for. I suspect it's because it appraised for way less than what we owe. When I called and asked if another appraisal can be done they said sure but I would have to pay $300-$400. I said no thanks. We applied for a loan mod again and again we were denied.

Don't get your hopes up about the appraisal meaning you are being approved. They told us that the fact that they were escrowing our taxes & insurance meant it was a good sign we were getting our mod. Lies. Lies. Now our payment has jumped from 2250 to 3900.

We're planning on not paying. See if that gets their attention.

Good Luck to you all.

[mintdeer]

well I never gave the BPO person permission to come into my house but I guess they ended up doing a drive by appraisal anyways. We will see if anything comes of it. Like everyone else I would not be very shocked if they just tack on another fee to what ever I owe them. They also had the guy who takes a photo of your home to make sure I am still living here come by yesterday. ( this is his third time here) I just love how it took around two weeks to get the dang loan but takes forever to try to get it reworked!