Middle of Modification and lender orders BPO?? - Loan Modification Forum

CashCow · 07-25-2009, 02:02 PM

So I am in the middle of a modification with EMC, been a long process, got accepted into the Making Homes affordable program, have to make 3 trials payments, have made 2 so far and next one is due Aug 1st.....EMC tells me last week they need to do an interior BPO (Broke Price Opinion) on my property and today I get a call from a big REO realtor in town here to schedule....seems odd doesn't it or is this normal?

EMC said it was part of the procedure of the modification, just seems to me that BPO's are only ordered when they are going to foreclose on a property

Please tell me this is normal so I don't freak out lol

Has anyone had this happen before?

Thanks

SillyWorld · 07-25-2009, 09:13 PM

Yes some bankers use local realators to evaluate the property

Moe Bedard · 07-26-2009, 07:53 AM

I agree, this is standard procedure and no need to freak out

jlou22 · 07-26-2009, 11:04 AM

Had a guy stop at my house and take picture.Also came to my door and gave me letter to call ahmsi.
Is this a BPO?
I have turned down 2 mod offers and waiting for the NACA offer. Started this in Jan.and have not made a payment.

brokemama · 07-26-2009, 05:29 PM

I am a broker and do BPOs all the time. Banks use them for various reasons including modifications, foreclosures, short sales, etc. Some are only external and others are internal.

07-25-2009, 02:02 PM	#1 (permalink)
CashCow Member Join Date: Apr 2008 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Middle of Modification and lender orders BPO?? So I am in the middle of a modification with EMC, been a long process, got accepted into the Making Homes affordable program, have to make 3 trials payments, have made 2 so far and next one is due Aug 1st.....EMC tells me last week they need to do an interior BPO (Broke Price Opinion) on my property and today I get a call from a big REO realtor in town here to schedule....seems odd doesn't it or is this normal? EMC said it was part of the procedure of the modification, just seems to me that BPO's are only ordered when they are going to foreclose on a property Please tell me this is normal so I don't freak out lol Has anyone had this happen before? Thanks

07-25-2009, 09:13 PM	#2 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,139 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Middle of Modification and lender orders BPO?? Yes some bankers use local realators to evaluate the property __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

07-26-2009, 07:53 AM	#3 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Middle of Modification and lender orders BPO?? I agree, this is standard procedure and no need to freak out __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

07-26-2009, 11:04 AM	#4 (permalink)
jlou22 Member Join Date: Dec 2008 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Middle of Modification and lender orders BPO?? Had a guy stop at my house and take picture.Also came to my door and gave me letter to call ahmsi. Is this a BPO? I have turned down 2 mod offers and waiting for the NACA offer. Started this in Jan.and have not made a payment.

07-26-2009, 05:29 PM	#5 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 203 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Middle of Modification and lender orders BPO?? I am a broker and do BPOs all the time. Banks use them for various reasons including modifications, foreclosures, short sales, etc. Some are only external and others are internal.

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